Bethesda, Maryland – November 13, 2018
Walker & Dunlop, Inc. announced that it provided a $74,746,000 Fannie Mae loan for the refinancing of Fairways Country Club, a five-star manufactured housing community (MHC) for seniors aged 55 and above. Located in Orlando, Florida, the 1,142-pad property is centered around a dedicated golf course and features custom-built, energy-efficient homes.
Walker & Dunlop’s Will Baker, William Shell, and Doug McDaniel led the team in arranging a 10-year, fixed-rate loan for their longstanding client, Hometown America, LLC. Drawing on their deep understanding of Fannie Mae’s programs, they leveraged Fannie Mae’s Streamlined Rate Lock (SRL) option to lock the rate shortly after receiving the application and close within 23 days.
Located in Orange County, just ten miles east of downtown Orlando, Fairways Country Club is situated on 343 acres and is known for its country club feel, southern hospitality, and emphasis on an active lifestyle. Property amenities include an 18-hole golf course, three clubhouses, multiple pools and Jacuzzis, tennis and basketball courts, an exercise room, and a library.
In addition to its topnotch amenities, the property has a strong operating history, with occupancy levels above 97.2 percent since 2008. The senior housing community has experienced rent growth of at least 3.5 percent annually, and it is positioned in an area where demographics continue to strengthen demand for high quality MHC properties.
“Will Baker and the Walker & Dunlop team have been a trusted partner of Hometown America for more than 10 years due to their strong relationship with Fannie and Freddie and their expertise in the MHC asset class,” commented Doug Minahan, Vice President of Hometown America. “Similar to our experience when they refinanced the existing loan on Fairways Country Club in 2008, Will and his team once again delivered terms as promised in an expedited fashion, going from signed application to closing in less than 30 days.”
“Manufactured housing communities are consistently some of the best performing assets in our portfolio, and Fairways is no exception,” remarked Mr. Baker. “This is one of the most high-quality manufactured housing communities we’ve financed, and we were pleased to work with Hometown again to meet their lending needs.”
Walker & Dunlop is a leader in multifamily lending, ranking as the #1 Fannie Mae multifamily lender and the third-largest Freddie Mac Multifamily Seller/Servicer in 2017. The firm is also a top lender in the manufactured housing space, having completed Freddie Mac’s first manufactured housing transaction in 2014. For more information about Walker & Dunlop’s financing options and our capabilities, website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.