Source: Walker & Dunlop / #Multifamily #Finance
BETHESDA, MD - Walker & Dunlop announced the closing of a $177 million loan portfolio with Sun Communities (Sun) that includes 13 manufactured housing communities in Michigan, Colorado, Minnesota, Wisconsin and Florida.
The portfolio was comprised of eight loans that were purchased by Freddie Mac and five loans that were Fannie Mae assumptions. It is the largest MHC portfolio Freddie Mac has closed to date. The Freddie Mac loans were structured as 10-year fixed rate loans with 2-years of interest only. Walker & Dunlop successfully rate locked the loans within one day of application submission removing any risk of increasing rates.
Leading the Walker & Dunlop team were managing directors Andrew Tapley and Will Baker. Mr. Baker commented, "As one of the largest agency manufactured housing lenders, Walker & Dunlop was able to expedite the loan process for the Sun portfolio and with help from Freddie Mac, provided extremely competitive terms to facilitate a fast close." Additionally, Mr. Tapley stated, "Freddie Mac's new MHC product gives Walker & Dunlop another financing option to offer our dedicated manufactured housing borrowers. Walker & Dunlop not only closed the first MHC deal with Freddie Mac but we are also continually gaining more experience in this sector by originating and closing deals like this unique Sun Communities portfolio."
Since 1993, Sun has assembled one of the premier portfolios for manufactured housing and RV communities in the United States. Sun owns and operates 242 developed properties located in 29 states throughout the United States.