Grandbridge Real Estate Capital recently originated and closed $144.4 million of manufactured home community financing for American Manufactured Communities REIT (AMC). The permanent financing is secured by 11 manufactured home communities located in Texas, Colorado and Arizona. All properties are located in vibrant socio-economic areas within major cities such as, Denver, Austin and Tucson. This financing was part of a larger, 16-property purchase by AMC from Hometown America Communities.
Senior Vice President Stuart Wernick and Vice President Eli Gershenson of Grandbridge’s Dallasoriginated the transaction. The financing was structured through two separate capital sources; Fannie Mae’s DUS MBS loan product and UBS Real Estate Securities’ securitized fixed rate loan program. The pool of assets requiring new debt is comprised of 4,185 sites in a variety of community settings ranging in age and size, with varying demographics that include family- and seniors-orientated properties.
"A crucial component of this financing was our ability to coordinate the purchase of a diverse portfolio with the right capital sources,” Wernick said in a statement. “In addition to a financing team that understood the unique nature of this, the client required a financing team that understood the unique nature of the deal and was also capable of engineering the best possible financing for each property. As a capital market leader in the manufactured home community industry, Grandbridge provided AMC with access to Fannie Mae capital through our direct DUS lending platform as well as funding through our UBS relationship, which enabled us to execute in the securitization markets."