Manufactured Housing Fills Void in Tertiary Markets

The Federal Housing Finance Agency recognizes the important role that safe and quality manufactured housing plays in the industry and has included loans for this product type under the duty to serve goals.

Lakeview Village

CITRUS HEIGHTS, CA—Mobile home communities fall into two categories: age-restricted communities and family communities. While both types of communities offer affordable housing, the former are not dependent on employment opportunities and often located in tertiary locations. A property fitting this description recently received a $47 million Fannie Mae Delegated Underwriting and Servicing loan.

The refinance of mobile home park, Lakeview Village, includes a 10-year term with 30-year amortization. Greystone facilitated the lending process. The loan was originated by Tim Thompson, director in Greystone’s San Francisco office with Bob Mallett of Marcus & Millichap as a correspondent on the transaction.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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