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Dealmaker: Fannie Mae Finances $1B Manufactured Housing Deal
Fannie Mae, Washington, D.C., financed its largest manufactured housing community transaction to date, a $1 billion deal backed by 120 communities.
Fannie Mae Multifamily Executive Vice President Jeffery Hayward said the GSE worked with KeyBank National Association, Cleveland, and Wells Fargo Multifamily Capital, New York, to provide financing to YES! Communities LLC, Denver.
Hayward said the financing will provide workforce housing for more than 29,000 families in 13 states. He noted that Fannie Mae has provided more than $9.5 billion to the manufactured housing sector since 2000. “Financing manufactured housing is not only good business, it also provides affordable ownership and rental options for many families, especially in rural parts of the country,” he said.
Fannie Mae’s Multifamily Structured Transactions Team arranged a flexible credit facility so YES! can manage debt across its multifamily portfolio, allowing it to combine fixed- and floating-rate debt and add, release and substitute properties.
“Manufactured housing communities provide a meaningful component of affordable housing to families nationwide,” said Chris Black, National Accounts Manager with KeyBank. “This transaction delivers upon the broader goals of both KeyBank and Fannie Mae in providing financing to promote greater access to affordable housing.”