Source: Walker & Dunlop / #Multifamily #Finance
BETHESDA, MD - Walker & Dunlop, Inc. and Fannie Mae announced the recent closing of a $108,000,000 loan for a manufactured housing community located in Lakeland, Florida. Walker & Dunlop worked with Keystone Commercial Capital on behalf of the borrower, Blair Group, to rate lock the loan 15 days after receiving the signed loan application from the borrower.
Walker & Dunlop's team, led by Senior Vice President & Managing Director, Brendan Coleman, partnered with Keystone Commercial Capital's Ryan Nelson and Charlie Williams to originate the 10-year, fixed-rate loan with 4 years of interest-only. The loan is somewhat unique in that it carries a 7-year yield maintenance period, providing the borrower with significantly greater prepayment flexibility.
Mr. Coleman commented, "Due to Fannie Mae's innovative loan structure, we were able to tailor this cash-out loan with a fantastic long-term interest rate and maximum pre-payment flexibility to the borrower. It was quite a feat to rate lock the deal in such a short period of time, but we were determined to take advantage of these historically low interest rates. Walker & Dunlop is proud to have now provided financing for Blair Group's entire MHC portfolio, a true testament to the depth of our collective experience in the manufactured housing sector."
Jeffery Hayward, Senior Vice President and Head of the Multifamily Mortgage Business, Fannie Mae commented, "We are thrilled to have partnered with Walker & Dunlop on the Cypress Lakes MHC transaction. Fannie Mae has been providing liquidity to the manufactured housing market for more than a decade and we are excited to have provided over $8 billion in volume since the inception of our program. Financing manufactured housing communities is not only good business, it also provides affordable ownership and rental options for many families, particularly for seniors, throughout the country."