Manufactured Housing Properties Refinances 42 Communities with Fannie Mae and Expands North Carolina Portfolio
Manufactured Housing Properties Inc. (OTC: MHPC), an operator of manufactured housing communities and sponsor of non-traded investment offerings, announced the refinancing of 42 communities.
Manufactured Housing Properties Inc. (OTC: MHPC), an owner and operator of manufactured housing communities and sponsor of a non-traded preferred stock offering, announced the refinancing of 42 communities with Fannie Mae (“FNMA”) through KeyBank Inc.
Additionally, the company added three communities to its portfolio.
The nonrecourse, FNMA refinance provides $62 million in long-term financing over a 10-year term and pays off approximately 22 bank loans with various lenders. The first five years of debt service payments are interest-only at a rate of 4.87%. The refinance provides $4 million reserved for capital expenditures to improve the communities and encompasses 81% of MHP’s portfolio located in North Carolina, South Carolina, Georgia and Tennessee.
“This refinance allows us to improve our communities and enhance the lives of our residents,” said Raymond Gee, chairman and chief executive officer of Manufactured Housing Properties. “Manufactured housing provides an essential need for our residents, offering many of the benefits of a single-family home with the lower cost of multifamily housing. We’re excited to utilize this financial flexibility to further support those who live in our communities.”
In addition, three manufactured housing communities were acquired, consisting of 122 lots and 39 homes, located in Statesville, Thomasville and Trinity, North Carolina. Situated on approximately 74 acres, these three communities expand MHP’s presence near the Charlotte and Greensboro metropolitan areas. The company has acquired nine communities in 2022 to date.
“These three acquisitions further validate our continued momentum as MHP expands and executes upon its strategic growth plan,” said Jay Wardlaw, president of Manufactured Housing Properties.
In June 2022, The DI Wire reported that MHP hired an executive vice president of capital markets, Bill Boscow.
Manufactured Housing Properties Inc., together with its affiliates, acquires, owns, and operates manufactured housing communities in North Carolina, South Carolina, Georgia and Tennessee. As of September 15, 2022, MHP owns 52 communities comprised of 2,472 home sites.
