Dealmaker: SunTrust CRE Originates $78M for Manufactured Housing, Multifamily

SunTrust Commercial Real Estate, Atlanta, originated $77.9 million to finance manufactured housing and multifamily communities in Michigan, Georgia and Illinois.

Peter Guilfu, Managing Director in SunTrust CRE’s Miami office, originated $64.1 million through Fannie Mae to refinance a manufactured housing community portfolio. The portfolio totals 1,403 manufactured home sites north of Detroit.

The fixed-rate, partial interest-only 10-year loan closed November 1.

“Manufactured housing communities are an excellent investment and demand is strong for this product,” Guilfu said, noting the firm is seeing more institutional private equity clients show interest in the manufactured housing sector.

SunTrust CRE sourced the portfolio through Chris San Jose, Head of Lending Operations with Yale Realty & Capital Advisors, Miami.

In Valdosta, Ga., SunTrust CRE Managing Director Evan Hom originated an $8.2 million floating-rate loan for 113-unit apartment property Fields of North Valdosta.

SunTrust CRE originated the 36-month bridge loan for a New York borrower.

Hom also originated a $5.6 million 10-year Fannie Mae loan to refinance Fox Shore Apartments in Aurora, Ill. Built in 1970, the five-story building has 94 Section 8 affordable housing units, 96 percent occupied at closing.

“We secured the permanent agency financing to replace the original bridge loan on the property once it was well occupied,” Hom said.