Bennett Park Cooperative, a 57-site resident-owned manufactured home park in Moorhead, Minn., recently secured a $293,500 construction loan from ROC USA Capital.
The construction loan was negotiated as part of a first and second mortgage refinancing that the Cooperative completed in October 2014, and is intended to fund improvements to the Cooperative’s roads and buildings.
Similar to other manufactured home parks, all infrastructure located within Bennett Park Cooperative is considered private property, and is the responsibility of the Cooperative. In the first phase of the Cooperative’s use of the construction loan, improvements have been made to all roads within Bennett Park.
Replacing all roads in the park with a traditional asphalt roadway would have cost $500,000 so the Cooperative opted for a compromise. For $175,000 a contractor laid down three inches of Class 5 aggregate on the roadway, ground up the aggregate with existing roadway, stockpiled the mix, installed a geogrid (synthetic mesh that stabilizes the road base), covered with the reclaimed Class 5/roadbed mixture (now referred to as Class 7), and compacted. The resulting roadbed is a cross between asphalt and gravel.
Next up....Now that the road work is completed, the Cooperative will develop plans and solicit bids for removing and rebuilding the park’s storage garage, and remodeling or replacing the office.