July 16, 2020
Walker & Dunlop structured $51,723,000 in Freddie Mac financing for three manufactured housing communities in suburban Chicago. The portfolio consists of three all-age communities totaling more than 1,000 sites.
Stuart Wernick, managing director, and Matt Newton, director, led the Walker & Dunlop team in arranging the refinance for the client. Each of the three properties was refinanced with 10-year, floating-rate loans in the under-three percent range that included interest-only for a portion of the term. The loans were able to be upsized by utilizing income from newly delivered homes at each of the communities.
“Manufactured housing communities provide the ultimate affordable housing product and offer viable opportunities for those seeking to obtain ‘the American Dream’ of homeownership,” said Wernick. “We were thrilled to play a part in these transactions amidst the uncertainty of the current health crisis, all while maintaining pricing and maximizing loan proceeds for our client.”
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