Greystone Provides $8M in Refinancing for Age-Restricted Community in Hemet, California

HEMET, Calif. — Greystone has provided an $8 million Fannie Mae loan for the refinancing of Casa Del Rey Mobile Homes Estates, a manufactured housing property that is age-restricted to residents 55 years old and older in Hemet.

Situated on 30.6 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates features 267 single- and double-wide pads. The community also features two clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area.

Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC., originated the loan, which carries a 10-year term with a 30-year amortization period at a low fixed-rate with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize their existing equity in the property.