Two major lending companies, Hunter Street, a Minneapolis-based alternative investment management firm, and Hickory CRE Lending, headquartered in New York, NY, and specializing in commercial real estate lending, have jointly agreed to provide $29.8 million in financing for the development of two new RV parks in the Pacific Northwest. The parks are specifically aimed at long-term residents and helping to address housing affordability.
Developer a large owner of RV and mobile home parks
The two companies announced the financing round in a release that did not disclose the developer of the two RV parks, referring only to “…one of the largest owners of RV and mobile home parks in the Pacific Northwest.” RV Travel reached out to Hunter Street’s public relations firm for comment. The company did not respond to the request for details as to the developer of the parks.
One of the parks will be a 98-pad site in Oregon, and the other a 170-pad site in Washington. The first location will be near three state parks, an added benefit for both transient tourists and long-term residents. The second location will be across from the Clark County, Washington, Fairgrounds and an 18,000-capacity amphitheater.
“When considering the unmet demand for extended-stay RV parks in the United States, coupled with our confidence in our partners at Hickory, we believe our investment is well positioned while also helping address ongoing challenges with housing affordability,” said Neal Johnson, CEO & CIO at Hunter Street.
Andrew Platt, a Hunter Street partner, added, “The team we are financing has over 30 years of experience developing, owning, and operating RV parks, and they’ve cultivated a well-respected brand in the region. Given an aging population in the United States, as well as high inflation, mortgage rates, and home prices, our outlook for these projects is strong from both a macroeconomic and fundamental perspective.”
A Federal review found Oregon to have one of the largest homeless issues in the nation. I am sure California has larger homeless housing issues, yet where I live in California, we often see our next homeless residents arriving in old battered RVs. Walmart does not allow RV overnight or daytime camping in their parking lot so these folks end up parking on residential streets or near commercial business. It is a shell game, moving from one area to the next until conditions prevent travel at all and the RV is abandoned for tent life near the river. I likely will not be reserving a site in these new RV parks; however, they might make a better solution than that of California.
A wig on a pig is just a pig with a wig. Oregon, California, Washington, New York, Massachusetts and New Jersey. 6 for 6 on states with homelessness at crisis levels. It could be that It’s just different salt air than the salt air in Texas, Georgia, Florida, Mississippi, Louisiana, Alabama and South Carolina which are 7 for 7 not a crisis levels of homelessness. Maybe it’s something else but it would only be a guess. Could somebody please do a study of what the 7 have in common that the 6 do not. Conversely, what is the difference in the social dynamics of the 6 versus the 7. Couldn’t possibly be leadership, could it? Add Hawaii to the 6 so it’s even at 7 for both sides of this equation. Just got back from Hawaii 3 weeks ago and the homelessness is rampant. If I was to find myself homeless, I too would choose Hawaii though.
There is a major cost of living difference between the west coast states and the southern states. More people on the west coast are being forced out of their homes and apartments due to the rising costs of homes and rent. Down south, that isn’t so much of an issue since homes and rent are much more affordable especially for those on fixed incomes.
Trailer parks, not RV parks.
These are not Recreational Vehicles parks to the true meaning. It’s not even a Mobile Park environment!
NOPE! Why don’t they just call it for what it is… [bleeped]. This is WHY RV PARKS have a 10 year Rule.
Any information on location in Oregon?
Doing a quick map look the most likely spot “near 3 state parks” is the Bend/Redmond area. There certainly is a need there, but the winters would be tough. Another area might be the Grants Pass area or the Salem area. That is just speculation on my part.
These are what’s known here in the East as Trailer Parks. After a year or so, it’s not good.
These new RV parks would fill a need for this type of housing. But, only if a strong and enforced set of RULES for how the park is run. Operators are known to operate parks as cheaply as possible to maximize profit. Violate the rules and you are out.