Walker & Dunlop Provides $52 Million in Financing for Illinois Manufactured Housing Communities

Rhea-AI Summary

Walker & Dunlop has successfully structured $51,723,000 in Freddie Mac financing for three manufactured housing communities in the Chicago area, totaling over 1,000 sites. The refinancing involves ten-year, floating-rate loans below 3%, with interest-only periods included. The financing utilizes income from newly delivered homes. The company ranks as a leading multifamily lender, noted as the largest Fannie Mae DUS lender and the third-largest Freddie Mac Optigo lender in 2019. Walker & Dunlop is committed to affordable housing solutions amidst current market uncertainties.

Positive

• Secured $51,723,000 financing for three manufactured housing communities.
• Loans structured at under 3% with interest-only options.
• Utilized income from newly delivered homes to upsize loans.
• Ranked as the largest Fannie Mae DUS multifamily lender in 2019.

Negative

• None.

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 3^rd 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
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.

 

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SOURCE Walker & Dunlop, Inc.

FAQ

What financing did Walker & Dunlop provide in July 2020?

Walker & Dunlop announced $51,723,000 in Freddie Mac financing for three manufactured housing communities in Chicago.

What are the terms of the loans provided by Walker & Dunlop?

The loans are ten-year, floating-rate loans with rates below 3%, including interest-only periods.

How many sites are included in the financed communities?

The financing covers three manufactured housing communities totaling over 1,000 sites.

What is Walker & Dunlop's ranking among multifamily lenders?

Walker & Dunlop is ranked as the largest Fannie Mae DUS multifamily lender and the third-largest Freddie Mac Optigo lender by volume in 2019.