ROC USA Network and ROC USA Capital made a splash in this month’s issue of The Journal, a trade magazine for the manufactured housing industry.
ROC USA and Northcountry Cooperative Foundation were featured in an article written by Frank Rolfe, the longtime community owner, industry consultant, and writer. In November, Rolfe and partner Dave Reynolds sold one of their communities to the residents of the newly christened Hillcrest Community Cooperative in Clarks Grove, Minn.
The article, which carries the headline “In Praise Of Selling Your Community
To The Residents,” outlines the sales process from a community owner’s perspective. Rolfe recaps the deal very positively, going so far as to recommend a sale to residents to other owners.
“We think that having the residents buy the land under their homes is a happy ending to the story,” Rolfe wrote. “Would we do another one of these transactions? We’re already working on a few. If you’re thinking of selling your community – and you think the residents have an interest – you might consider this approach. We’re glad we did.”
The Journal also ran an article on ROC USA Capital’s recent unveiling of a $40 million financing partnership with National Co-op Bank and MetLife. That program allows ROC USA Capital to provide go-anywhere financing to deals throughout the ROC USA Network.
Bringing such institutional capital to the resident ownership market is a milestone in the industry, and paves the way for other banks, insurance companies and pension funds to begin financing resident purchases of manufactured home communities.
Click here to read the issue online.