Walker & Dunlop Provides $52 Million in Financing for Illinois Manufactured Housing Communities
Walker & Dunlop Provides $52 Million in Financing for Illinois Manufactured Housing Communities |
[14-July-2020] |
BETHESDA, Md., July 14, 2020 /PRNewswire/ -- 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. For information about Walker & Dunlop's view on the apartment market, including expert perspectives on markets, leadership, and the road ahead, visit our new Driven by Insight information center. About Walker & Dunlop
View original content:http://www.prnewswire.com/news-releases/walker--dunlop-provides-52-million-in-financing-for-illinois-manufactured-housing-communities-301093525.html SOURCE Walker & Dunlop, Inc. | ||
Company Codes: NYSE:WD |
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