Posts Tagged ‘announced’

Near Half-Billion Deal for Gateway LifeStyle, Details Beyond News Release

June 13th, 2018 Comments off

Original photo from Gateway’s website, montage by MHProNews.

Australia’s Gateway Lifestyle Group (GTY.AX) announced that it has received a non-binding offer for acquisition.  Hometown Australia Holdings Pty Ltd., and Hometown America Communities Ltd. Partnership proposal values the company at A$635 million (US$480 million), according to Reuters.


Hometown is offering $2.10-per-share through its local arm, to buy out Gateway Lifestyle Group operator in its entirety, per the Financial Review.

Gateway stated that it has not granted due diligence access yet, and that the proposal is subject to approval by the Australian foreign investment regulator.

The Daily Business News has been tracking the blooming manufactured housing and “manufactured home estates” business in Australia for some years.

Their industry does have ‘a younger’ feel than what is found in the U.S., even though much of it is geared toward senior living.

Note the two government videos, posted above and below. Each of which discusses the “land down under” versions of manufactured homes, and their style of land-lease community living.


A Gateway investor package from 2-2018 is linked here.


From Gateway investor page on this date.

It is a fast-growing sector, with listed players such as Gateway and Ingenia, along with Hometown Australia Communities. Gateway generates earnings from the development sales of new homes and the ground rent from its growing portfolio,” said the Financial Review.


Hometown is a subsidiary of Chicago-headquartered Hometown America Communities, with assets of more than #US3 billion,” they said.

Hometown’s Saddlebrook Farms, located in Gray’s Lake, IL was recently awarded that state’s community of the year award.


Saddlebrook, as some MH professionals know, was established by industry visionary, Chuck Fanaro, who also held an interest in upscale HUD Code and modular home builder, Hi-Tech Housing Inc, in Bristol, IN.

The Gateway-Hometown deal – if approved and finalized – would be backed by Calzada Capital. They are “a global real estate investment firm with more than $US9 billion in assets under management,” said Financial Review.


Prior reports on this blossoming part of the international manufactured housing market are linked from related reports, further below. ## (News, analysis, and commentary.)

(Third party image, and/or content, are provided under fair use guidelines.)

Related Reports:

Acquisition, and Rumors of a Billion Dollar Acquisition, for Hometown America


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Grants to Replace Manufactured Homes Announced

February 2nd, 2017 Comments off

From Sunshine Homes website, provided under fair use guidelines.

The Western Catskills Community Revitalization Council, Inc. (WCCRC-New York) announced last week that they will be hosting a Homeownership Academy for residents who are interested in the WCCRC manufactured home replacement program.

A number of topics associated with homeownership will be covered at the academy, including information for owners of older manufactured homes who are interested in a manufactured home replacement.

The WCCRC recently secured two grants to put on the academy and replace dilapidated manufactured homes, in the Delaware County town of Stamford and the Schoharie County town of Conesville.

General eligibility for these grants will be based on household income, ownership of the property  where the existing home is located, and the condition of the home. The home must be the permanent, year-round residence of owners and/or applicants.


Mike Triolo. Credit: Watershed Post.

We are pleased that the town has received this grant funding and this can be a great opportunity for residents who qualify for the program,” said Stamford Town Supervisor Mike Triolo.

The Daily Business News has covered recent moves in both New York State with NYS Homes and Community Renewal and nationally with legislation put forward by Rep. Keith Ellison (D-MN) to assist owners of older manufactured homes in replacing them with safer, more efficient ones.
Owners of homes that are residents in other parts of WCCRC’s service area are also encouraged to consider enrolling in Homeownership Academy. Classes are expected to begin in February 2017, and space is limited. Contact Kelly at (607) 652-2823, extension 101. ##


(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

GreenTree Acquisition Announced

January 14th, 2017 Comments off

Credit: Green Tree, MarTech Advisor.

Assurant, Inc. (NYSE: AIZ), a global provider of risk management solutions has announced that it paid $125 million in cash for Green Tree Insurance Agency, with potential earn outs of up to $25 million, based on future performance.

Assurant is acquiring Green Tree from a wholly owned subsidiary of Walter Investment Management Corporation.

The Green Tree is a seller of housing protection products, including voluntary homeowners’ and manufactured housing policies, in addition to other insurance products. It has offices in St. Paul, Minnesota and Rapid City, South Dakota.

According to Insurance Journal, Assurant currently earns underwriting profits on the majority of Green Tree’s voluntary homeowners’ and manufactured housing insurance sales.

With the acquisition, Assurant will retain its existing book of voluntary insurance for home mortgage borrowers whose loans are serviced by Walter’s subsidiary, Ditech Financial Services, and will have the opportunity to write additional voluntary business for Ditech borrowers.


Alan Colberg. Credit: Assurant.

We are building upon the strength of our 30-year history with Green Tree,” said Alan Colberg, Assurant president and CEO.




More importantly, this acquisition enables Assurant to further its strategic focus in the housing market by expanding our voluntary offerings, through this distribution channel, to new and existing clients.


Anthony N. Renzi. Credit: Tampa Bay Times.

Per the Tampa Bay Times, the Green Tree sale comes at a critical time for the long troubled Walter Investment Management Corporation, as shares of the company tumbled 67 percent in 2016 to make it the worst-performing local stock of the year.

We are pleased to have executed the stock purchase agreement with Assurant relating to the sale of our insurance business. This transaction is expected to reduce the complexity of our business operations and allow us to better focus on our process efficiency efforts to improve the performance of our core servicing and originations businesses,” said Walter Investment Management President and CEO Anthony N. Renzi. “We look forward to continuing our relationship with Assurant.” ##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Caddis Capital Closes on $10.8 Million Purchase of two 55+ Manufactured Home Communities

January 5th, 2015 Comments off

caddis-capital-logo-manufactured-home-communities-daily-business-news-mhpronews-comCaddis Capital Investments, LLC, announced the firm has purchased two 55+ manufactured home communities (MHCs) near Phoenix, Arizona for 10.8 million. These two properties include Paradise Valley Ranch, a 168-site active adult community in Paradise Valley, Arizona. The other is Chaparral Ranch, a 100-site active adult community in Apache Junction. Arizona.

Caddis Capital said they worked exclusively with one of the world’s largest structured finance companies to orchestrate this commercial mortgage-backed security

We were honored to work with a world-class team to acquire these best-in-breed assets,” said Rhett Trees, an equity partner at Caddis Capital Investments. “As we near the closing of our current investment vehicle, Trico Fund III, we are activating millions of dollars to acquire new income producing real estate assets across the Western United States. We are proud to include the residents of Paradise Valley Ranch and Chaparral Ranch in the Caddis Capital Investments family.”

As a part-time resident of Scottsdale, I could not be more excited to add Paradise Valley Ranch and Chaparral Ranch to our Trico Fund III portfolio,” said Tery Larrew, founder and managing partner at Caddis Capital Investments. “The Arizona market is prime for this type of product with a thriving eco-system for baby-boomers who are passionate about pursuing their retirearizona55+manufactured-home-community-caddis-capital-denver-business=credit-posted-daily-business-news-mhpronews-com-ment goals.”

Caddis Capital Investments is an actively managed, diversified investment firm. Their fundamental thesis is to assemble a diversified portfolio of low-risk, high cash-flow assets with the goal of delivering capital preservation, consistent quarterly cash-on-cash income paired with equity growth. The company says their objective is achieved by acquiring – then adding-value or repositioning – under-valued, mismanaged, sub-performing or improperly capitalized income producing assets.

Caddis Capital is headquartered in Littleton, Colorado, with a satellite office in Scottsdale, Arizona. ##

(Image credit: Caddis Capital logo. Photo Credit: Denver Business Journal)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to – Daily Business News – MHProNews. 

Long leaving Manufactured Housing Institute

October 5th, 2011 Comments off

Thayer_Long_outgoing_MHI_Executive_Directo photo credit_MHProNewsMHProNews received a statement from Cavco CEO and Manufactured Housing Institute (MHI) Chairman Joe Stegmayer, announcing the departure of Thayer Long as MHI’s executive director. Per Stegmayer’s statement, “As announced today at the MHI Board Meeting in Phoenix, Thayer Long will be leaving MHI to pursue another opportunity. Over the next several weeks, we will be working with Thayer, the MHI leaders and our excellent staff on a smooth transition of Thayer’s duties. The MHI leadership will also begin the search for Thayer’s replacement. Rest assured, MHI has extremely capable and professional staff.  They will continue to move the priorities of the association forward and will continue to serve our members well.” An MHI source stated Long would remain through October before departing. “This is what life is like in the association (world),” an MHI staffer said, who wished Long well while expressing confidence in the future.  In a typical comment, MHI member/retailer Doug Gorman said, “I have admiration for Thayer.  He stepped into the position at a time that was very challenging. Revenues were in decline.  He rose to the occasion, stepped up to the plate and performed remarkably well…He probably saw something that was good for him, and he will succeed because he is hard working.  I absolutely wish him well.” MHI PAC Chair, Rick Rand of Great Value Homes said, “Very happy for Thayer, he chose to make a career move.  Thayer has been with the association for years, and has been a great asset, stepped up all the time in his duties with MHI.  It was great to work with him. I am sorry to see him go, but that is the nature of this business.  We can only wish him the very best.”  A multi-decades veteran industry contacted MHProNews, speculating that Long’s departure was due to his seeing ‘the hand writing on the wall.’  When asked, Rand’s reply to that comment was, “We (MHI) are now in better financial shape than we have been in years, MHI is in a great position.  As is the MHI PAC.” Rand pointed to the MHI leadership, saying “We need to remember to give credit to the executive committee; Joe Stegmayer, Don Glisson, Jr., Kevin Clayton, Nathan Smith and Ken Cashin, the immediate past chair.” “I talked to Thayer several times during his tenure at MHI.  He was always professional, pleasant, and cooperative.  We wish him and MHI well during this time of transition” said John Bostick of Sunshine Homes and MHARR Chairman. MHProNews will continue to bring you updates on this and related developments.

(Photo credit:

Dearing announces Sun’s dividend and new revolving credit facility

October 3rd, 2011 Comments off

Sun_Communiities_logoMHProNews has learned that Sun Communities Inc. (SUI) announced today that its Board of Directors declared a quarterly dividend of $0.63 per share for the third quarter of 2011.  According to Karen J. Dearing, Chief Financial Officer,  the dividend is payable October 21, 2011 to shareholders of record October 13, 2011.  Sun Communities has 21.7 million shares outstanding. Sun is a Real Estate Investment Trust (REIT) that currently owns and operates a portfolio of 155 manufactured home and RV communities comprising approximately 53,600 developed sites.  In other corporate news, Sun also announced today it has entered into a senior secured revolving credit facility in the amount of $130.0 million (the “Facility”) with the Company’s bank group led by Bank of America, N.A. (Administrative Agent) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (Sole Lead Arranger and Sole Book Manager). The Facility replaces the Company’s $115.0 Million revolving line of credit scheduled to mature on October 1, 2011.  The Facility is secured primarily by a first priority lien on all of the Company’s equity interests in each entity that owns all or a portion of the properties constituting the borrowing base.  The Facility has a built in accordion feature allowing up to $20.0 million in additional borrowings and a year extension option, both at the Company’s discretion.  The Facility will bear interest at a floating rate based on Eurodollar plus a margin determined on the Company’s leverage ratio calculated in accordance with the Facility, which ranges from 2.25% to 2.95%. Based on the Company’s current leverage ratio, the margin will be 2.75%.  Other banks participating in the transaction include Fifth Third Bank (Syndication Agent), PNC Bank, The PrivateBank, Citibank, N.A. and Comerica Bank.  At the time of the closing, there were $95.0 million of borrowings under the Facility, including letters of credit issued in the normal course of the Company’s business.  Sun Communities Inc. stock (SUI) is tracked by the market report in our Daily Business News.

(Graphic credit: Sun Corporate Logo)