Arlington, Va. – (September 11, 2017) – National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide, closed two loans in the second quarter to resident-owned communities (ROCs) in Massachusetts: Town & Country Kingston Estates Cooperative and Park Place Cooperative as part of NCB’s partnership program with ROC USA Capital to finance the conversion of mobile home parks to resident-owned communities. Under this financing program, the residents formed a limited equity cooperative and collectively purchased the land beneath their homes.
Town & Country Kingston Estates Cooperative is an age restricted (55+) manufactured housing community with 212 home sites located on a 96 acre property in Kingston, MA. The cooperative includes a large community club house which houses management offices, two meeting halls, and recreational space for its residents.
NCB provided a $2,628,000 loan to Town & Country Kingston Estates Cooperative, which had total financing of $7.2 million. The funds enabled the residents to purchase the land beneath their homes from the current site owner, providing the residents with greater control and autonomy over their community.
“Purchasing the park is a dream come true, this is an attractive place where residents want to put down roots,” said Board Secretary Roberta Love. “Now that we own it, we’re going to work hard to keep the budget in good shape so our neighbors can continue their retirement here without behind forced out.”
NCB also provided a $980,000 loan to Park Place Cooperative, a manufactured housing community with 50 home sites located on five acres of land in Peabody, MA.
NCB, MetLife and ROC USA Capital forged a $40 million financing partnership in November 2015 to structure a groundbreaking first mortgage acquisition/permanent loan product to finance resident-owned manufactured home communities. Town & Country Kingston Estates Cooperative and Park Place Cooperative mark NCB’s fifth and sixth transactions in the program.
