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BETHESDA, MD-Hometown America, based in Chicago, has refinanced a $119.7-million portfolio with Fannie Mae, securing more flexible terms at a rate below 5.5%. Locally-based Walker & Dunlop arranged the refinancing on four manufactured home communities in Florida and California as a Fannie Mae DUS lender. “Hometown refinanced an existing Fannie Mae credit facility in which the assets were cross collateralized and cross defaulted,” Will Baker, vice president, multifamily finance, tells GlobeSt.com. In the new facility they are four separate loans, he says, giving Hometown America more flexibility. It is a 10-year term.

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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