Posts Tagged ‘tricon capital’

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)


Canadian Firm Seeking Manufactured Home Communities

March 25th, 2014 Comments off

Toronto-based Tricon Capital Group, Inc. (TCN), which bought 3,500 rental units in the U. S. following the housing meltdown, is now seeking to invest up to $670 million (US) in manufactured home communities (MHCs) in Florida, California and Arizona, reports Chief Operating Officer (COO) Gary Berman says, “If you look at the U.S. population, it’s definitely growing, it’s definitely getting older, and it’s probably getting poorer. What single-family rental and manufactured housing do is they provide very affordable housing for people.” He says manufactured housing is a $400 billion business within the overall single-family U. S. market worth $2 trillion to $3 trillion.

After going public in 2010 Tricon gained 35 percent; its adjusted net income rose to C$34.7 million ($31 million US) in 2013 from C$6.76 million ($6 million US) in 2012. Eighty percent of its assets are in the U. S., with 20 percent in Canada. Berman says they are seeking the higher end MHCs.

Private-equity firms, hedge funds, and other investors spent more than $20 billion buying about 200,000 rental homes in the last two years, as has been informed. According to Harvard University’s Joint Center for Housing Studies, demand for more affordable housing is high in the U. S. as federal subsidies have not kept pace with the growing need.##

(Photo credit:–manufactured home community in Calimesa, Calif.)