Greystone Provides $9 Million in Long-Term Financing for Manufactured Housing
December 8, 2016
Greystone announced it has provided $8,850,000 in Fannie Mae financing on two manufactured housing properties in Nebraska and New York State. The loans were originated by Andrew Ellis of Greystone’s Rockville, MD office, with George Johnson of Rittenhouse Realty Capital as the correspondent on the transaction.
The manufactured housing portfolio can accommodate up to 600 individual homes. The New York property was refinanced for $2,950,000 with a Fannie Mae Small Balance Loan. The Nebraska property was refinanced for $5,900,000 with a Fannie Mae Delegated Underwriting and Servicing (DUS®) Loan.
The non-recourse, 30-year fixed rate Fannie Mae loans both include 30-year amortization with 5-years of interest-only. Greystone was able to secure an extended rate-lock for up to six months, enabling a great deal of flexibility to meet pre-payment requirements on the borrower’s existing mortgages.
“Manufactured housing property remains a very stable asset class and this long-term Fannie Mae loan will allow the borrower to put the financing to bed until maturity in 30 years,” said Mr. Ellis. “With the ability to rate lock so early, the borrower was able to achieve a competitive interest rate while also circumventing all pre-payment penalties, making the overall financing a complete win.”