KeyBank Real Estate Capital has provided a total of $12.6 million in Freddie Mac first mortgage loans for a two-property manufactured housing portfolio in Indiana.
Key provided $6.4 million for Countryside Village at Fort Wayne, a 295-pad manufactured housing community (MHC) in Fort Wayne, Indiana. Key provided an additional $6.2 million for Countryside Village at South Bend, a 276-pad MHC in South Bend, Indiana. Both properties were built in 1977.
Timothy Weldon of Key’s Commercial Mortgage Group arranged the non-recourse financing with 10-year terms, five years of interest-only and 30-year amortization schedules. Proceeds of the loans were used to facilitate the acquisition of the properties.