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Happy Traveler RV Resort
$13,400,000 Senior Mortgage Loan
Thonotosassa, FL | May 2023
Thorofare Capital has provided a $13,400,000 in first mortgage loan financing for Happy Traveler RV Resort, a 231-pad RV Park in Thonotosassa, Florida. The property consists of 224 RV Pads, 245 Storage Pads, 7 POHs and an additional 275 future storage pads. Occuppancy at the time of loan origination was approximately 90%. The property was acquired by the borrower and owned unencumbered of debt prior the closing of this short-term, floating rate refinance.
The 55+ age restricted (not deeded), 231-pad RV park that was built in 1960 and renovated in 2021-22, with the collateral for Thorofare’s loan to include the 231-pad RV park and two additional land parcels that are utilized as non-commercial vehicle storage sites. The collateral encompasses three parcels totaling 28.29 acres or 1,232,168 land SF.
Happy Traveler RV Resort is located less than a mile from both I-75, one of two major highways in the Tampa market and Route 301. Further, the Property is four miles from University of South Florida and USF’s 50,000+ student population. In addition, directly across the street from the Property is a newly constructed multifamily project called The Livano Uptown.
The interest-only, structured whole loan carries an initial term of two years, in addition to two extension options.
The sponsor is an experienced owner and operator of RV parks throughout the United States, the sponsor Homes of America has acquired 143 facilities totaling 13,584 pads throughout 20 states.