The Gibbs Law Firm, APC, is uniquely qualified to assist park owners, residents, cities and non-profit corporations in their quest for the conversion, purchase, sale or financing of a mobile home park.
On some early projects, the firm teamed with others to arrange conversions. In subsequent conversions, the firm elected to accomplish its conversions and other activities as the team leader and employed other people and entities to assist in converting parks to resident ownership.
As a result of this firm's efforts, more than 30 parks have been converted and the residents now own the parks. The form of conversion has ranged from a mutual benefit, non-profit corporation purchase of the entire park to a full subdivision of the park where individual lots are sold. The firm has also converted parks at virtually every point between those two approaches.
The Gibbs Law Firm, APC, has acted as an advisor to cities, non-profit public benefit corporations, investor park owners and residents in successful conversions. The firm has also encountered some parks that could not be completed because of the many problems experienced with sellers or buyers who were not ready or so inflexible that the price made no sense.
The firm has been called upon to fix conversions that were either not completed, or that were completed and poorly managed or poorly financed.
As a part of every conversion, the firm looks for people to serve on the resident purchase committee, and later on the homeowners association board of directors. Training those individuals is an integral part of the firm's efforts. A purchase can be accomplished and still have problems if there is not an adequate board of directors in the park. The firm provides the training and assists the residents in their search for a proper management company.
Together with the management company, the firm works with the residents to find an accountant or CPA, depending upon the needs of the park and the residents.
Although the firm does provide, where requested, continuing services that are legal in nature, it also provides access to other firms, should that be necessary.
In the process of conversion, purchase and sale or assisting or advising the various parties to the transaction, The Gibbs Law Firm, APC, has been able to select and introduce financing sources for a multitude of purchases. The firm has obtained bridge loans, conventional financing, loans for park purchase and individual loans for purchase of lots or condominium interests. The firm has also been involved in the acquisition of city, county and state financing for various parks.
Representative List of Mobilehome Park Conversions
|1984 Purchase, 1986 Condo
|Rancho Del Avion
|San Juan Capistrano, California
|Lake Salinas, California
|1987 – 1997 Refinance of park
|Western Hills Estates
|Chino Hills, California
|Maze Stone Village
|Pacific Grove, California
|Culver City, California
|Arbor Trailer Park
|Shorecliffs Mobilehome Park
|San Clemente, California
|Date Palm Mobile Home Park
|San Marcos View Estates
|San Marcos, California
|1993-1994 Condo ConversionCompleted for the Owners
|1994-1996 & 1997 Refinance
|Kimberly Gardens Mobilehome Park
|Lake Forest, California
|1997 * Condo Conversion
|Warner Springs Estates
|Warner Springs, California
|Cedarhill Mobile Estates
|Windward Village Mobile Home Park
|Long Beach, California
*Acted as counsel for residents. **This park was fully subdivided and individual lots purchased by residents. This was the first such planned development conversion.