National RV Communities LLC (NRVC), a Scottsdale, Ariz.-based company newly-formed to specialize in the acquisition, ownership, and management of recreational vehicle and manufactured housing communities, has obtained financing for the acquisition of 13 Florida RV resorts.
The new acquisitions bring its total park ownership to 18 RV and MH facilities, according to a Tuesday (Feb. 2)release.
NRVC has entered into an agreement with Five Arrows Realty Securities IV L.P., under which Five Arrows has committed to invest up to $50 million in NRVC. At the same time, according to NRVC’s press release, it has secured a $75 million acquisition debt facility from GE Real Estate, of which approximately half has already been utilized.
Five Arrows is an investment vehicle managed by New York-based Rothschild Realty Inc., a leading provider of entity-level growth capital to public and private real estate companies. GE Real Estate is a leading source of commercial real estate capital. Through the Specialized Industries group, GE Real Estate is one of the nation’s largest providers of financing to owners of MH and RV properties.
NRVC CEO David Napp and President Colleen Edwards previously co-founded Encore Communities Inc., the largest owner and operator of destination RV communities in the U.S. before its sale in February of 2004.
NRVC’s 18 RV and MH properties – 16 in Florida and one each in North Carolina and Ontario, Canada – total 5,200 sites. The company also provides property management services to 12 RV and MH properties, consisting of more than 2,300 sites in California and Arizona.
“The combined 7,500 owned and managed sites rank NRVC among the top 20 owner/operators of MH and RV properties in the nation,” Napp states. “The capital that Five Arrows has agreed to provide will be primarily used to fund future acquisitions as NRVC seeks to double its current size in the next 18 months.”
As part of the transaction, Five Arrows’ Matthew Kaplan and Scott Peters have joined Napp and Edwards on NRVC’s board of directors.
“This investment by Five Arrows allows NRVC to further its plan of becoming North America’s premier destination RV resort owner and operator,” Napp noted.