KeyBank Real Estate Capital has arranged $858 million in debt financing to facilitate YES! Communities’ sale and consolidation of its manufactured homes portfolio.
The financing includes one Fannie Mae and one Freddie Mac credit facility totaling $733 million, and a $125 million syndicated corporate level revolving credit facility. YES! also secured a second Fannie Mae credit facility as part of its recapitalization.
YES!, one of the nation’s largest owner-operators of manufactured home communities and an affiliate of Stockbridge Capital Group, sold an approximately 71 percent equity interest in its combined businesses to two institutional investors, including affiliates of GIC, the sovereign wealth fund of Singapore.
As part of the deal YES!’s three manufactured home community portfolios will be consolidated into a single entity, whose principal owner and sole general partner will be Yes Communities, LLC, a newly formed real estate investment trust.
KeyBank Real Estate Capital is the commercial real estate business unit of KeyCorp (NYSE:KEY). Chris Black of KeyBank’s Commercial Mortgage Group arranged the agency financing; John Murphy with Institutional Real Estate arranged the syndicate loan; and John Horrigan of Capital Markets provided M&A advisory.
Denver-based YES!’s manufactured home businesses include 178 communities in 17 states, more than 44,600 residential home sites, over 11,500 manufactured homes and a portfolio of home loans secured by the homes.