WASHINGTON, DC—Walker & Dunlop closed on a $177 million manufactured housing portfolio financing. Eight loans for the 13 properties, which are located in Michigan, Colorado, Minnesota, Wisconsin and Florida, were purchased by Freddie Mac, with Fannie Mae assuming five loans.
The Freddie Mac loans were structured as 10-year fixed rate loans with 2-years of interest only. Walker & Dunlop rate locked the loans.
Andrew Tapley and Will Baker of Walker & Dunlop secured the financing.
In general lending is becoming more available for manufactured housing as it has become clear their risk profile is the same as a multifamily property.
Freddie Mac rolled out a manufactured housing product last year and began securitizing those loans. W&D was among the first to secure financing for a project through the program. Other lenders are coming to similar conclusions.
Last year, for example, Reybold Group secured a $13 million loan to refinance a 412-pad site manufactured housing community in Middletown, DE called Villagebrook.
Meridian Capital Group's Jim Bologno arranged the mortgage with a regional balance sheet lender. The five-year loan has a fixed rate of 3.5%.
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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.
