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PNC Delivers a First for Manufactured Housing
PNC Real Estate’s Agency Finance group has provided the first Freddie Mac Revolving Credit Facility secured by manufactured housing communities. The transaction allows the borrower to quickly and regularly access additional loan proceeds as rental collections increase. It also provides the flexibility to close on new acquisitions because the fund is pre-committed by the Agency.
Lakeview Estates and Lawndale Estates, located on two adjacent parcels in Saginaw, Michigan, contain 859 sites (both fully and partially developed). The community amenities include two leasing office/clubhouse buildings, an indoor swimming pool, playground, basketball court and four-hole golf course.
The sponsor is Lawndale and Lakeview Partners LLC, a Michigan limited liability company. The properties are managed by Four Leaf Properties, LLC, one of the top manufactured home community owner/operators in the nation with more than two dozen communities in four states.
Michael Callaghan, Four Leaf Properties' owner commented, "The need for quality, affordable housing is acute in the Saginaw area and we're thrilled to be investing in the growth of these desirable communities. The credit facility provided through PNC Real Estate gives us the flexibility we need to acquire additional properties and continue to maintain and improve them so that residents can put down roots and take pride in their neighborhoods at all stages of life.”
Date: August 2017
Location: Saginaw, Michigan
Financing Amount: $50 million
Financing Type: Revolving Credit Facility
Units: 839 manufactured housing sites in two communities
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