Liberty Landing Cooperative’s $9.5 Million-dollar Real Estate Deal

Stinson LLP advised Liberty Landing Manufactured Home Community on the deal.

Liberty Landing Manufactured Home Community (Liberty Landing Cooperative) announced a $9.5 million-dollar real estate deal that provides the residents the opportunity to own the land they live on. This transaction involving a complex of 185-manufactured homes is unique as the community residents organized to form a self-governing cooperative association, a relatively new legal entity created by the Missouri Cooperative Associations Act, and it aims to address the affordable housing crisis.

Financing for the real estate deal was provided by ROC USA Capital, a non-profit lender that is supported by lenders and donors whose capital helps resident groups in manufactured home communities solidify their futures through affordable housing efforts. Residents of Liberty Landing Cooperative control the monthly lot rent, community repairs and improvements with residents owning their homes individually in addition to owning an equal share of the land beneath the entire neighborhood. This gives them security against unfair eviction.

The Stinson team included Karl Phares (Picture) and Amanda Rapp.

Involved fees earner: Karl Phares – Stinson LLP; Amanda Rapp – Stinson LLP;

Law Firms: Stinson LLP;

Clients: Landing Manufactured Home Community;

Martina Bellini

Author: Martina Bellini