August 23, 2016
The Carlyle Group, based in Washington, DC, obtained a $115 million loan from Wells Fargo to refinance 32 manufactured home communities across the United States. The non-recourse, seven-year, fixed-rate loan is part of Wells Fargo’s efforts to increase lending among manufactured home assets.
The portfolio being refinanced contains 4,400 homes in Delaware, Maryland, North Carolina, New Jersey, Pennsylvania, Washington, West Virginia and Virginia. The portfolio is 90% occupied.
“The Carlyle Group has wide knowledge of this space and is a long-term customer of both Wells Fargo and the manufactured home community team who joined the firm last year from GE Capital Real Estate, myself included, and we look forward to strengthening our partnership,” said Lew Grace with Wells Fargo.
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