Pillar announced today that Arthur Tuverson, managing director of Pillar’s MHC/RV Resort Group in San Clemente, California has originated more than $40 million in Fannie Mae loans and Freddie Mac loans.
Three of the loans back the acquisition of Manufactured Housing Community (MHC) properties and two refinance MHC properties. All five were originated with a 30-year amortization schedule.
The acquisition loans include an $11.6 million floating rate, seven-year Freddie Mac loan for Lake Villa Estates MHC in Oxford, Michigan; a $4.5 million fixed-rate, 10-year Freddie Mac loan for Pioneer Village MHC in Denver, Colorado; and a $2.612 million fixed-rate, 10-year Fannie Mae loan for Lake Waldena MHC/RV Resort in Silver Springs, Florida.
The two fixed-rate, 10-year term Fannie Mae refinance loans including an $18.9 million loan for Pleasanton Hacienda MHC in Pleasanton, California, and a $2.8 million loan for Crest Mobile Estates in Fountain, Colorado.
“Pillar is showcasing its commitment to this segment by providing borrowers with acquisition and refinancing loans for MHCs with varying occupancy rates, leverage levels and property characteristics,” said Tuverson, who joined Pillar in April 2015 as a managing director to spearhead the expansion of the MHC/RV Resort Group, in a statement.
“Pillar sources some of its loans directly and some through long-term broker relationships,” he added. “We sourced Lake Villa Estates MHC, Pioneer Village MHC and Lake Waldena MHC/RV Resort through Yale Realty & Capital Advisors, a key Pillar mortgage broker based in Miami, Florida.”
The Federal Housing Finance Agency (FHFA) increased the caps for the two Government-Sponsored Enterprises (GSEs) from $31 billion to $35 billion. Multifamily loans on affordable properties in certain underserved markets continue to be excluded from the lending caps.