Multifamily V Michigan

Bellwether closes $42 million loan for manufactured homes in Michigan

Bellwether Enterprise Real Estate Capital LLC closed a $42.6 million structured loan for the Affordable Communities Fund III Credit Facility, 10 manufactured housing communities executed as part of the Fannie Mae Credit Facility Program.

All 10 properties are located in Michigan.

The Affordable Communities Fund III Credit Facility’s 10 properties total 1,715 pads on which to park mobile homes. The manufactured housing communities offer residents high-quality spaces at affordable price points, helping preserve an important resource in Michigan’s real estate market. The deal includes seven stabilized and three value added properties, all part of a growing pod for the borrower.

MJ Vukovich, vice president of Bellwether Enterprise in the Minneapolis office, arranged the structured loan on behalf of the borrower, a growing owner operator out of the western United States.

Under the Fannie Mae Credit Facility program, Bellwether Enterprise instituted a comprehensive financing solution. The borrower, a longtime client, was looking for the most flexibility, leverage, and speed to grow with a fixed-rate product. This loan features a 4.9 percent interest rate for a 12-year fixed term with four years interest only, followed by a 30-year amortization period.