Walker & Dunlop Originates Loan for Longhaven Estates Through Freddie Mac's New MHC Offering Commercial finance company completes acquisition loan in less than 45 days
BETHESDA, Md., Aug. 27, 2014 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today that it originated a $10,575,000 loan on Longhaven Estates, a manufactured housing community (MHC) located in Phoenix, Arizona, for Cobblestone Real Estate LLC (Cobblestone) based in Oak Brook, IL and Tricon Capital Group (Tricon), headquartered in Toronto, Canada. This is the first loan done through Freddie Mac's new manufactured housing loan offering. "Being the first Seller/Servicer to originate a manufactured housing loan for Freddie Mac is a testament to Walker & Dunlop's extensive experience financing manufactured housing communities, and our deep and rapidly growing partnership with Freddie Mac," commented Walker & Dunlop's Chairman and CEO, Willy Walker.
Longhaven Estates is located in a historically strong manufactured housing market and features a clubhouse, banquet hall, community kitchen, game room, library, fitness center, and three laundry facilities. Tenants also enjoy two outdoor pools, a spa, a shuffleboard center, a picnic/barbeque area, an aviary, and RV/boat storage areas on the property grounds.
Bethesda-based senior vice president, Will Baker led the team that structured the loan and commented, "When Cobblestone and Tricon approached us with this acquisition opportunity, we immediately knew it would be a perfect inaugural deal for Freddie Mac. Due to Freddie Mac's knowledgeable team and the hard work of our underwriting group, we were able to rate lock and fund the loan in less than 45 days from receiving the signed loan application. The fact that Freddie Mac's very first MHC loan was underwritten, rate-locked and funded within the same time-frame of a typical multifamily loan displays Freddie Mac's commitment to this program. We are excited to have another financing option to offer our manufactured housing clients and feel that Freddie Mac is going to be a very significant player in the manufactured housing market."
"We are excited to team up with Walker & Dunlop, Cobblestone and Tricon on the first loan to use our new MHC offering that offers the same certainty of execution as our other loan products," said Peter Giles, regional managing director of Freddie Mac Multifamily. "With MHC we are expanding our efforts in affordable rental housing."
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, MD, is a leading provider of commercial real estate financing solutions nationwide. Our comprehensive suite of financing solutions allows us to originate loans for our own balance sheet, CMBS conduit, and investment partnerships, or for sale to Fannie Mae, Freddie Mac, HUD, life insurance companies, banks and other CMBS providers. Walker & Dunlop has more than 400 employees located in 20 offices nationwide. For more information, please visit www.walkerdunlop.com and follow us on Twitter at @Walkerdunlop.
SOURCE Walker & Dunlop, Inc.