$52M Secured to Refinance Manufactured Housing Community Portfolio
Walker & Dunlop arranged the Freddie Mac financing for three Chicago-area communities, comprising more than 1,000 sites.
CHICAGO – Walker & Dunlop Inc. has structured $51.7 million in Freddie Mac financing for a portfolio of three manufactured housing communities in suburban Chicago, IL, on behalf of its client.
Each of the three properties were refinanced with ten-year, floating-rate loans in the under 3% range, which included interest-only for a portion of the term.
By utilizing income from newly delivered homes at each of the communities, the loans were able to be upsized.
Comprising more than 1,000 sites, the portfolio’s communities feature both single-wide and double-wide homes. Situated near the Plum Creek Forest Reserve, outside of the Chicago metropolitan area, the communities offer common amenities such as swimming pools, playgrounds, clubhouses and on-site property management.
The Walker & Dunlop team, led by managing director, Stuart Wernick and director, Matt Newton, arranged the refinance on behalf of the client.
“Manufactured housing communities provide the ultimate affordable housing product and offer viable opportunities for those seeking to obtain “the American Dream” of homeownership,” state Wernick. “We were thrilled to play a part in these transactions amidst the uncertainty of the current health crisis, all while maintaining pricing and maximizing loan proceeds for our client.”