Walker & Dunlop, Inc. structured $51,723,000 in Freddie Mac financing for three manufactured housing communities (MHC) in suburban Chicago. The portfolio consists of three all-age communities totaling over 1,000 sites.
Stuart Wernick, managing director, and Matt Newton, director, led the Walker & Dunlop team in arranging the refinance for the client. Each of the three properties was refinanced with ten-year, floating-rate loans in the under-three percent range that included interest-only for a portion of the term. The loans were able to be upsized by utilizing income from newly delivered homes at each of the communities.
“Manufactured housing communities provide the ultimate affordable housing product and offer viable opportunities for those seeking to obtain ‘the American Dream’ of homeownership,” Wernick said. “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.”
Each of the three MHCs is well-located outside of the Chicago metropolitan area and situated within a few miles of both Plum Creek Forest Reserve and a public golf course. Each of the properties offers both single-wide and double-wide homes and is outfitted with community amenities such as swimming pools, playgrounds, clubhouses and on-site property management.