GE Real Estate Funds Major Manufactured Home Buy

The company is a joint venture of BaseCamp Capital, a Denver-based real estate private equity firm, and Stockbridge Real Estate Funds of San Francisco. Andrew Lutter, chief operating officer for Yes! Communities, tells GlobeSt.com that the $270-million GE loan did not finance the entire acquisition, which also included real estate inventory and consumer loans related to the communities. He did not reveal the full purchase price. BaseCamp announced last July it had entered into a contract with CMH Parks, which is based in Maryville, TN. The deal was closed via the recently formed Yes! Cos. LLC joint venture with Stockbridge Real Estate Funds.

Yes! Cos. holdings span 12 states with concentrations in the Dallas/Houston/San Antonio market in Texas, the Tampa/Jacksonville area in Florida and the Nashville/Knoxville region in Tennessee. "The GE team worked closely with us to get this complex transaction completed," Lutter says. "Given the recent economic downturn and the fallout from the subprime mortgage crisis, we need affordable housing in this country now more than ever. Our company is committed to meeting this need with a positive housing value and a 'Yes!' attitude for both existing and prospective residents."

Art Tuverson, GE's director, manufactured home communities, adds that the loan has a four-year term and included a tranche that was set at a fixed rate and another tranche at a floating rate. "Yes! Communities will benefit from its acquisition of an institutional quality portfolio located in primary markets," he says. "Its experienced management team is well-positioned to drive cash flow growth by providing quality affordable housing."