BETHESDA, MD—Walker & Dunlop has originated the first loan through Freddie Mac‘s new manufactured housing finance program that it announced at the end of April.
The loan amount was for $10.5 million for Longhaven Estates, a manufactured housing community in Phoenix, AZ. It secured the financing on behalf of Cobblestone Real Estate LLC in Oak Brook, IL and Tricon Capital Group, which is headquartered in Toronto, Canada.
Bethesda-based senior vice president Will Baker led the team that structured the loan. He said that when Cobblestone and Tricon approached W&D with the deal, “we immediately knew it would be a perfect inaugural deal for Freddie Mac.”
W&D rate locked and funded the loan in less than 45 days from receiving the signed loan application, which Baker also said, is significant. “The fact that Freddie Mac’s very first MHC loan was underwritten, rate-locked and funded within the same time-frame of a typical multifamily loan displays Freddie Mac’s commitment to this program.”
Freddie Mac told GlobeSt.com in May that it would begin purchasing and securitizing manufactured housing loans immediately and that following a ramp up period there would be general availability starting in August.
It is targeting this asset class because manufactured homes are a key solution for affordable housing, John Cannon, SVP multifamily division, told GlobeSt.com at the time and “it broadens our geographic footprint and creates a more balanced approach.”
Freddie Mac will begin blending the manufactured housing loans into its K-Deals for securitization as soon as they are originated.