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, demonstrates their commitment to the MHC sector. ##

(Photo credits: GlobeSt, Senior Retirement Living)