Fannie Mae is a--if not the--major financial provider for manufactured multifamily communities, Baker says. Now it appears that Freddie Mac will be entering the market next year, according to Baker. "They have said they would, and we have heard from several people at Freddie Mac that they are now working on the due diligence for this product."
The communities securing the loans in the Hometown America transaction are: Del Tura, in North Fort Meyers, FL, which includes a 27-hole golf course and five heated pools; Eastridge Estates, in San Jose, CA, built in 1979, which includes a swimming pool, Jacuzzi and tennis court; Lakes at Leesburg in Leesburg, FL, which also features a nine-hole golf course, fishing lake and swimming pool; and the Orchard, in Santa Rosa, CA, with a swimming pool, Jacuzzi, and multiple tennis, bocce, horseshoe and shuffleboard courts.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
