Two Fannie Mae Credit Facilities Support $1B Manufactured Housing Deal

One of Yes! Communities’ manufactured homes.

WASHINGTON, DC—Fannie Mae is providing two credit facilities to support, at $1 billion, what is the largest manufactured housing transaction it has underwritten to date. That deal, as people in this niche sector can well guess, is the recap of the manufactured housing assets belonging to the Denver-based Yes! Communities, a portfolio of opportunistic real estate funds managed by Stockbridge Capital Group. Earlier this week Stockbridge announced that it sold a 71% equity interest in its three manufactured home community portfolios to two global institutional investors, one of which is GIC, the sovereign wealth fund of Singapore.

The portfolios will be consolidated into a newly-formed REIT called Yes Communities LLC.