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Residents of Sunset Park, a 55-and-older mobile home community in Loveland, are working to buy the property themselves after learning it is being sold to new corporate ownership.
Led by resident Tim Fritch, the effort aims to preserve affordable housing and give residents greater control over rents and management.
Fritch and his wife moved to Sunset Park four years ago, expecting it to be their last home. The community offered an affordable place to settle down, but rising housing costs have added to residents’ concerns about their future.
“When we came in, we were around $874,” Fritch said of the couple’s monthly rent....
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However, securing the money needed to complete the purchase has proven difficult. The $44.5 million asking price has made it challenging to find a lender willing to finance the deal.
Duh. It’s hard for a professional investor – even a private equity group – to obtain financing for a $44.5 million deal. What bank would lend money to a bunch of inexperienced trailer folk who will have zero capability to collect rent from each other or finance the needed cap-x that will occur over time? The answer: nobody.