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Freddie Mac’s new Manufactured Housing finance program orignated by Walker & Dunlop

August 29th, 2014 3 comments

freddie-mac-globest-credit-posted-daily-business-news-mhpronews-com-The new Freddie Mac manufactured housing community (MHC) finance program announced last spring has been originated by Walker & Dunlop (W&D). The loan was for $10.5 million on Longhaven Estates, an MHC in Phoenix, AZ. The financing was secured for Cobblestone Real Estate, LLC, based in Oak Brook, IL, and Tricon Capital Group, based in Toronto, Canada, GlobeStreet tells MHProNews.

Senior Vice-President Will Baker’s team structured financing. Baker said that when Cobblestone and Tricon approached W&D with the deal, “We immediately knew it would be a perfect inaugural deal for Freddie Mac.”

As the Daily Business News reported after the program was first announced, John Cannon, Senior Vice-President of Freddie Mac’s multifamily division said,“It [the new MHC financing program] broadens our geographic footprint and creates a more balanced approach.”

Freddie Mac has stated they believe manufactured housing is important in providing affordable housing. This loan, experts say, demolong-haven-estates-credit-senior-retirement-living-posted-manufactured-housing-daily-business-news1-mhpronewscom-nstrates their commitment to the MHC sector. ##

(Photo credits: GlobeSt, Senior Retirement Living)

 

Wells Fargo closes loans for 6 communities for $50 Million

September 12th, 2011 Comments off

Tony Petosa Wells Fargo Nick Bertino 123 people and Wells Fargo LogoMHProNews.com has learned that Wells Fargo Multifamily Capital’s Tony Petosa and Nick Bertino have reportedly closed 50 million in loans on 6 manufactured home community properties in the last 90 days.   The six properties are located in four states across the country and total 1,661 sites.  These included, Club Marina, a 171-site MHC located in Bay Point, California, with a loan amount of $9,200,000. Pleasant Valley, a 300-site MHC located in Las Vegas, Nevada, with a loan amount of $7,100,000.  Orange Village, a 150-site MHC located in Orange, California, with a loan amount of $7,500,000. “With our Fannie Mae, conduit, and balance sheet lending products, we offer a range of dependable financing programs. In recent years we have shown our commitment to commercial real estate and our clients by being a dependable lender that can execute during volatile periods in the financial markets” said Nick Petosa.  Wells Fargo has originated nearly $5 billion in manufactured home community loans since 2004.  Wells Fargo has $1.3 trillion in assets and some 275,000 team members across their 80+ businesses.

(Editor’s note: MHProNews internal site statistics reveals that Wells Fargo employees are among the heavier users of our online trade media platform.)

(Photo credit: Tony Petosa (r) Nick Bertino (l) 123people and Wells Fargo Logo)