Walker & Dunlop, Inc. announced today that it structured $51,723,000 in Freddie Mac financing for three manufactured housing communities (MHC) in suburban Chicago, Illinois. 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.
Mr. Wernick commented, "Manufactured housing communities provide the ultimate affordable housing product and offer viable opportunities for those seeking to obtain “the American Dream” of homeownership. 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.
Walker & Dunlop is a leader in multifamily lending, ranking as the largest Fannie Mae DUS® multifamily lender and the 3rd largest Freddie Mac Optigo® multifamily lender by volume in 2019. The firm is also a top lender in the manufactured housing space, ranking as the #1 Fannie Mae DUS® producer for MHCs in 2019 and completing $634 million in MHC transaction volume throughout the year.
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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 850+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.