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Fannie Mae Reports Billions in Manufactured Home Community Deals, Details Others Lack

January 25th, 2019 Comments off

 

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In a release to the Daily Business News on MHProNews, Fannie Mae (OTCQB: FNMA) said that they have “provided more than $65 billion in financing to support the multifamily market in 2018 with its Delegated Underwriting and Servicing (DUS®) program. Fannie Mae continued to serve as a key source of liquidity by attracting a diverse investor base to purchase our DUS Mortgage-Backed Securities (MBS), while building a profitable and sustainable book of business.”

 

For more than 30 years, the DUS platform has brought stability to the multifamily market. Our innovative thinking is driving the industry forward and our commitment to serving our customers remains our top priority,” said Jeffery Hayward, Executive Vice President of Multifamily, Fannie Mae. “Our lender partnerships are also propelling Fannie Mae to be part of a global movement to transform rental housing to be healthier for residents and to help reduce energy and water consumption at the properties we finance.”

The Government Sponsored Enterprises (GSE) of Fannie Mae and Freddie Mac have both been given some latitude by the Federal Housing Finance Agency (FHFA)) for using certain qualifying loans on manufactured home communities as credits toward their Duty to Serve (DTS) requirements. Right or wrong, that use of DTS has been far more robust than it has toward single family manufactured home loans.

Fannie Mae was recognized in 2018 as the largest issuer of Green Bonds in the world, with more than $20 billion in Green MBS backed by either green certified properties or properties targeting a reduction in energy or water consumption. Fannie Mae increased its Green Financing portfolio to over $50 billion in 2018, driven by $20 billion in Green Financing. In 2018, Fannie Mae made LIHTC equity investment commitments towards meeting FHFA’s $500 million volume cap by deploying equity to rural and other underserved housing markets throughout the United States. Additionally, Fannie Mae led the affordable market with overall production of $7.4 billion, an increase of 9% from 2017,” stated their release to MHProNews.

Multifamily had another outstanding year in 2018, thanks to our lenders,” said Rob Levin, Senior Vice President for Multifamily Customer Engagement, Fannie Mae. “Together, we supported all market segments, bringing liquidity to the market, while building a balanced portfolio that reflects our strategy with strong credit quality and mission-rich business.”

The following list are the top 10 DUS Lenders produced the highest business volumes in 2018. Also listing that follows also includes the Top 5 Lender rankings for highest volumes in 2018 for Multifamily Affordable Housing, Small Loans, Green Financing, Seniors Housing, Structured Transactions, Manufactured Housing Communities, and Student Housing:

 

Top 10 DUS Producers in 2018             Volume ($Billion)

  1. Wells Fargo Multifamily Capital                      $8.1
  2. Walker & Dunlop, LLC                                    $6.9
  3. Berkadia Commercial Mortgage, LLC             $6.6
  4. CBRE Multifamily Capital, Inc.                        $6.1
  5. Newmark Knight Frank                                    $4.3
  6. Greystone Servicing Corporation, Inc.            $3.9
  7. Capital One, National Association                   $3.8
  8. KeyBank National Association                         $3.4
  9. PGIM Real Estate Finance                              $3.3
  10. Arbor Commercial Funding I, LLC                   $3.2

 

Top 5 DUS Producers for Multifamily Affordable Housing in 2018

  1. Wells Fargo Multifamily Capital
  2. CBRE Multifamily Capital, Inc.
  3. Greystone Servicing Corporation, Inc.
  4. PGIM Real Estate Finance
  5. Jones Lang LaSalle Multifamily, LLC

 

Top 5 DUS Producers for Small Loans in 2018*

  1. Greystone Servicing Corporation, Inc.
  2. Arbor Commercial Funding I, LLC
  3. Hunt Mortgage Group
  4. Walker & Dunlop, LLC
  5. Bellwether Enterprise Real Estate Capital, LLC

 

Top 5 DUS Producers for Green Financing in 2018

  1. Berkadia Commercial Mortgage, LLC
  2. Greystone Servicing Corporation, Inc.
  3. Arbor Commercial Funding I, LLC
  4. CBRE Multifamily Capital, Inc.
  5. Capital One, National Association

 

Top 5 DUS Producers for Seniors Housing in 2018

  1. Berkadia Commercial Mortgage, LLC
  2. Grandbridge Real Estate Capital, LLC
  3. Capital One, National Association
  4. CBRE Multifamily Capital, Inc.
  5. M&T Realty Capital Corporation

 

Top 5 DUS Producers for Structured Transactions in 2018

  1. Wells Fargo Multifamily Capital
  2. Newmark Knight Frank
  3. Walker & Dunlop, LLC
  4. PNC Real Estate
  5. Berkadia Commercial Mortgage, LLC

 

Top 5 DUS Producers for Manufactured Housing Communities in 2018

  1. Walker & Dunlop, LLC
  2. Wells Fargo Multifamily Capital
  3. KeyBank National Association
  4. Berkadia Commercial Mortgage, LLC
  5. Capital One, National Association

 

Top 5 DUS Producers for Student Housing in 2018

  1. Wells Fargo Multifamily Capital
  2. Walker & Dunlop, LLC
  3. CBRE Multifamily Capital, Inc.
  4. PGIM Real Estate Finance
  5. KeyBank National Association

 

Listed below are 2018 production highlights for individual business categories, which are included in the total multifamily production number.

  • Affordable Housing – $7.4 billion comprised of $6.0 billion in Multifamily Affordable Housing (for rent-restricted properties and properties receiving other federal and state subsidies), an increase of 10 percent from $5.4 billion in 2017; and $1.4 billion for properties with rent restrictions between 60 percent and 80 percent AMI, in line with $1.4 billion in 2017
  • Small Loans* – $2.2 billion
  • Green Financing – $20.1 billion (properties with Green Building Certifications or loans targeting a 25 percent reduction or more in energy or water consumption)
  • Student Housing – $2.7 billion
  • Structured Transactions – $9.5 billion
  • Seniors Housing – $2.3 billion
  • Manufactured Housing Communities – $2.9 billion, an increase of 56 percent from $1.9 billion in 2017

Footnotes:

*Small Loans are defined as loans of $3 million or less nationwide and $5 million or less in high-cost markets, and typically finance multifamily properties with five to 50 units.

**Due to rounding, amounts reported may not add up to overall totals.

The above is insightful on several levels.  First, note that more than one of those manufactured home community DUS lenders has ties to Berkshire Hathaway.

Next, is that this is arguably part of the give-take mechanism that Arlington, VA based Manufactured Housing Institute (MHI) has used to get some of their community members in the National Community Council (NCC) to swallow and ignore the single-family chattel lending that the Manufactured Housing Association for Regulatory Reform (MHARR) has stressed should be at the core of DTS by the GSEs.

 

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It also brings back into focus what some in manufactured housing call the “sell-out” or “betrayal” of the industry’s independent producers of manufactured homes. How so?  Consider this from Fannie Mae’s own site, which stresses their ‘support’ for manufactured housing as:

  1. A) The Multifamily Manufactured Housing Communities Market . …
  2. B) Develop an enhanced manufactured housing loanproduct for quality manufactured (homes)…

It must not be forgotten that MHI leaders held closed door meetings with Fannie and Freddie, to which none of the parties have released the meeting minutes, that ultimately resulted in the “new class of homes” program that has emerged…

…and so far has landed with a thud.  While Fannie and Freddie are both mum on specifics, the new HUD Code manufactured home shipments data is all the proof that is needed.  That data, combined with anecdotal information from various sources have made it clear that little has occurred from the new class of homes, other than noise from MHI, their allies, and Omaha-Knoxville puppet masters.

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MHI CEO Dick Jennison’s Pledge – 500,000 New Manufactured Home Shipments

GSEs’ “Duty To Serve Underserved Markets” Plans

Midwest Manufactured Housing Federation Official Louisville Show Communique to MHProNews

 

Independent National Manufactured Housing Post-Production Association Takes Major Step

Production Decline Continues in November 2018

 

 

 

 

 

 

Country Cousin Obtains a Fannie Mae Refi Loan

April 27th, 2016 Comments off

michigan__country_cousin_mhc_novi_mich__their_creditDamon Reed of Capital One has engineered a Fannie Mae $4.7 million fixed-rate refinancing package for a 309 home site manufactured home community (MHC)in Novi, Michigan, about 30 miles northwest of Detroit. Built in two phases, 212 sites of Country Cousin Manufactured Home Community were constructed in 1966, and 99 home sites were added in 1996.

The ten-year loan has 9.5 years of yield maintenance, as rebusinessonline informs MHProNews, and a 30-year amortization schedule. ##

(Photo credit:Country Cousin Manufactured Home Community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

 

Lakeside Manufactured Home Community Receives $6M Fannie Mae Refi

April 20th, 2016 Comments off

Iowa__lakeside_mobile_home_community__carter_lake_IA__inspireMHProNews has learned Capital One arranged the refinancing for Lakeside Mobile Home Community just northeast of Omaha, Nebraska at Carter Lake, Iowa, providing a $6 million adjustable-rate Fannie Mae loan for the 329-home site manufactured home community.

Part of Inspire Communities, the funds will be used to retire older debt, complete capital improvements and purchase new homes, according to rebusinessonline. Built in the early 1970s, Lakeside features a swimming pool, clubhouse, basketball court, playground and storm shelter.

Damon Reed of Capital One facilitated the transaction, which includes a seven-year term and 30-year amortization schedule. ##

(Photo credit:Lakeside Mobile Home Community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Fannie Mae Funds $5M Refi of Napa Olympia MHC in Calif.

April 1st, 2016 Comments off

mfg homes  nbcsandiego creditCapital One Multifamily informs MHProNews that it arranged a $5.0 million Fannie Mae 30-year term fixed-rate loan to refinance the Napa Olympia Mobile Lodge in American Canyon, Calif. Marking their 11th Fannie Mae transaction with Capital One, the owners acquired the property in 2005 with a ground lease in place.

The lessor agreed to extend the lease from seven years to 32.5 years, thereby allowing the owners to obtain new long-term debt on Napa Olympia, but then imposed a hard deadline on completing the transaction. Damon Reed, Capital One’s Director of MHC Finance, originated the transaction and he and his staff managed to get the loan approved within 35 days of application.

The funds will allow Napa to retire higher-interest rate debt, complete upgrades to the community and add equity to the partnership. The all-age 201-home site MHC, located 75 miles northwest of San Francisco, was built in 1968 and features a swimming pool, spa and RV storage. ##

(Photo credit: nbcsandiego–manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Capital One Provides Loan for Purchase of Calif. Manufactured Home Community

January 6th, 2016 Comments off

Calif__sierra_mobile_home_park_santa_clarita__mhphoa__creditA press release from Capital One reveals it has arranged a $3.27 million Fannie Mae adjustable-rate loan for the purchase of Sierra Mobile Home Park in Santa Clarita, California. The seniors-only community has 74 home sites and features a clubhouse, pool and laundry room.

Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Southeast office in Birmingham, Ala. originated the transaction. The seven-year loan has a three-year interest only period with amortization on a 30-year schedule.

Sierra Mobile Home Park was built in 1956 and has been in the hands of the same owner for 50 years. The borrower intends to increase occupancy and adjust rates to market levels as it aims to increase its net operating income (NOI).

Separately, MHProNews has learned from MHPHOA that Kort & Scott Financial Group (KSFG) purchased Sierra in Oct. 2015, managed by Sierra Corporate Management, and that site rents are $650/mth. In a phone call, Capital One would neither confirm nor deny that KSFG is the current owner.

MHPHOA (Mobile Home Park Home Owners Allegiance) is a grass roots organization that advocates on behalf of residents of manufactured home communities. ##

(Photo credit: Google Earth/MHPHOA–Sierra Mobile Home Park)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews)

Sunday Morning Recap-Manufactured Housing Industry News Dec. 27, 2015-Jan. 3, 2016

January 3rd, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

College Education Made In Perpetuity – The Kalamazoo Promise; Von Washington Jr – where Affordability and Quality of Life Meet

Home/Manufactured Home Article/Lies, Advocacy Journalism and Statistics – Seattle Times/BuzzFeed Attacks, Warren Buffett’s Clayton Homes Defends – charges of Racism and Discrimination – Critical Analysis

What’s New in Manufactured Housing Industry Professional News

Manufactured home community opening in Arizona. New Hampshire gains another resident-owned community. MH industry in nationwide spotlight on PBS news show. SSK adds two manufactured home communities in Indiana. Insider stock trading at Cavco, while Gendell unloads more Patrick stock. November pending home sales fall. Consumer confidence on the rise. Skyline stock skyrockets, Equity LifeStyle Properties stock makes solid gains. Modular homes raise ire in Ireland. Capital One arranges MHC loan. And much much more in news and views for you to peruse as you welcome the New Year.

Saturday, Jan. 2, 2016

SSK Adds Two Manufactured Home Communities in Indiana

Friday, Jan. 1

Manufactured Home Community becomes Co-op in New Hampshire

Gendell Unloads more Patrick Stock

Stock Markets Closed Today; Peruse 2015 in MH-Related Stocks

Happy New Year, 2016!!!

Thursday, Dec. 31

Dow Closes Worst Year since 2008

Lenders Receive Reprieve on Minor Errors in Closings

Pending Home Sales Slip in Nov.

Insider Trading at Cavco Industries

Wednesday, Dec 30

Manufactured Housing to be Featured on PBS

Skyline Lives up to its name, Surging 31.58 Percent

Consumer Confidence on the Rise

Equity LifeStyle Properties Stock on a Roll?

Battle in Dublin over Modular Homes for the Homeless Escalates

Tuesday, Dec. 29

Pre HUD Code Home brought in Illegally

Modular Home Builders Pushing to Dispel Myths of Factory Built Homes

Deer Valley Corp. Falls 8.00 Percent; Dow Advances over One Percent

MHCC to Meet in Louisville

Contractor Charged with Stealing over $175,000

Monday, Dec. 28

Skyline Corp. Ends Fall; MHCV closes at 1140.1

Sun Leaves Diseased Tree, Declares Quarterly Dividend

Capital One Provides $11M+ Loan for Starlight in Southern CA

Arizona Manufactured Home Community to open Soon

Sunday Morning Recap-Manufactured Housing Industry News Dec. 20-Dec. 27, 2015 ##

(Image credit: MHProNews)

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Capital One Brokers Loan for Orange Grove Land Lease Community

November 18th, 2015 Comments off

orange_grove_mhc__san_fernando_ca__google_maps__creditMHProNews has learned from Capital One that it arranged a $3.1 million fixed-rate loan package through Ladder Capital Finance to refinance the Orange Grove manufactured home community (MHC) in San Fernando, California. Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Birmingham, Ala. office, brokered the transaction for the 77 home site community.

With over 30 years in the MHC business, Orange Grove MHP Group, LLC has owned Orange Grove 20 years and currently owns and operates 11 MHCs in Arizona, California, Colorado, Georgia, and New Mexico. Hagwood has worked with Orange Grove in the past.

Amortized on a 30-year schedule payable on an actual/360 basis, the fixed-rate loan has a ten-year term. ##

(Photo credit: googlemaps–Orange Grove manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Capital One Arranges Financing for Manufactured Home Community

November 2nd, 2015 Comments off

mfg community  california  progressive housing creditMHProNews has been informed that Capital One’s Damon Reed, Senior Vice President and Director of MHC Finance for the Multifamily Division, has arranged a $5.8 million Fannie Mae fixed-rate loan for the acquisition of Orosi Estates in Orosi, California, 200 miles north of Los Angeles.

The 128 manufactured home community (MHC) was built in 1975 and includes a pool and clubhouse. The community is in good condition and almost fully occupied. While not immediately identified, buyer and seller have 30 years MHC experience and are both repeat customers of Capital One and Reed.

Time was of the essence in this transaction,” Reed said. We closed the loan in 45 days from application and delivered on our quote as advertised. The 10-year FR loan has 9.5 years of yield maintenance, and a one-year interest only period followed by a 30-year amortization schedule. ##

(Photo credit: progressivehome-California manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

 

Capital One Closes $150 Million in Deals in 45 Days

July 31st, 2015 Comments off

capital_one__their_ceditCapital One informs MHProNews that during the past 45 days it has completed 17 transactions for manufactured housing community investors providing over $150 million in funding. Led by Senior Vice Presidents Chad Thomas Hagwood and Damon Reed, the properties were located in Arizona, California, Colorado and Oregon, indicating the wide each of Capital One, and involved transactions with Fannie Mae, Freddie Mac and CMBS lenders.

In one instance Reed has assisted the financing of one borrowers asset four times in 18 years. “My practice is to present borrowers with a range of options, along with the rationale for those options, so they can make a decision that reflects their goals,” Reed explained. “Repeat borrowers are fundamental to achieving this level of volume.

Hagwood states their experience tells them which lender best meets the needs of each specific borrower. “We can offer an informed opinion, based on the hundreds of deals we’ve closed, whether Fannie is likely to grant a waiver for a specific issue,” Hagwood said. “This sort of experience-based knowledge streamlines the process and cements the best deal for the customer. Our customers know that when we issue a loan application, the deal is going to close.

Reed adds: “Our borrowers trust us,” Reed said. “Even in situations where their deposit has become nonrefundable, they are confident that our team will get the deals approved.” ##

(Image credit: Capital One)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Sunday Morning Recap-Manufactured Housing Industry News July 19-July 26, 2015

July 26th, 2015 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

A Hunter and Native American Decorator’s Dream! John Howard’s Home, Inside MH Road Show Video

How A Manufactured Modular Home Production Center Achieves Savings and Quality – Inside MH Video with Mike Stone

4 Easy Ways to Keep Your Home Clean

What’s New in Manufactured Housing Industry Professional News

As the Dodd-Frank Act hits the five year mark, stories abound how its offspring, the Consumer Financial Protection Bureau, continues to confound the manufactured home industry as well as the banking and mortgage industries, and the accompanying importance of MH fiancing reform. Meanwhile, MHLivingNews and MHProNews publisher L. A. “Tony” Kovach lands on The Hill in D. C., and as a family man on 83degreesmedia. In other news, industry pressure changes minds in a Texas city, several MHCs change hands, MH lands in Native American hands, MH Firms Plan Q2 Financials Release, much, much more.

Saturday, July 25

Temporary Modular Housing being Restricted in Bakken Oilfield

Friday, July 24

The Avoidance of the Rule of Law by Dodd-Frank

Dow Falls -163 Points, Most Tracked Manufactured Housing Stocks also Drop

Modular Workforce Housing Planned for Southwest Louisiana

Help Ensure Passage of The Preserving Access to Manufactured Housing Act

UMH Properties Set to Release Q2 Financials Aug. 7

Capital One Arranges $14 Million Fannie Mae Loan

Thursday, July 23

Drew Industries to Release Second Quarter Financials

Deer Valley Corp. Jumped +10.25 percent while Most All Tracked Stocks Fell

Home Sales Rise to Best Rate in Eight Years

Capital One Arranges Purchase of CA Manufactured Home Community

Orders for Keiser’s Modular Homes will be Built at a Sister Plant

Gendell Unloads More Patrick Stock for $1.48 Million

Wednesday, July 22

Manufactured Home Community in Florida Sells for $6.4 Million

PSP Seeks Manufactured Home Communities to Provide Affordable Housing

MHCV Edges Up, NASDAQ Slips, Existing Home Sales Rose 3.2 % in June

Elko Band Native Americans Break Ground for New Manufactured Homes

Texas City Reverses Decision, Votes to Allow Manufactured Housing

War of Words? DC’s The Hill Congressional Blog on Manufactured Housing Finance Reform

Tuesday, July 21

Deer Valley Falls -11.11%, as Most Tracked Manufactured Housing Stocks Slip

Equity LifeStyle Properties Beats Analysts Expectations in Q2

Factory-Built Homes—the New Cool

Tired of renting? Get the scoop on manufactured homes

Lawsuit Challenges Removal of Manufactured Home Carports

Monday, July 20

Keiser Homes Fire did not Damage Main Structure, Electrical or New Homes

Deer Valley Gains 10.25%; Dodd-Frank Turns Five Tomorrow

Housing Starts, Permits Hit Eight-year High

Marcus & Millichap Arrange Sale of Florida Manufactured Home Community

Mark Engel to Join Green Courte Partners as CFO

Honda Agrees to Cease Discriminatory Automobile Lending

Sunday Morning Recap-Manufactured Housing Industry News-July 12-July 19, 2015 ##

(Photo credit: MHProNews.

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.