Bellwether Arranges $294M in Financing for Nationwide MHC Portfolio

Senior Vice President MJ Vukovich and Assistant Vice President Ghazy Grijalva arranged the five Fannie Mae loans.
Image courtesy of Bellwether Enterprise Real Estate Capital

Bellwether Enterprise Real Estate Capital’s Senior Vice President MJ Vukovich and Assistant Vice President Ghazy Grijalva have arranged five Fannie Mae loans totaling $294.2 million for manufactured housing communities in various states across the country. The portfolio encompasses 5,554 sites, with most communities being located in North Carolina, Utah, Montana, Wyoming and the Rocky Mountains and Southern regions. Operators are based in California, Colorado and Utah. All transactions were closed during the pandemic, showing the manufactured housing sector’s resilience.

The largest loan, which amounted to $193.3 million, was secured for a portfolio encompassing 13 manufactured home communities in the Rocky Mountains and Southern regions.

The other transactions were structured as follows:

  • a $46 million loan went to five communities located in various states nationwide;
  • a $28 million loan was secured for two communities in Montana;
  • a $23.3 million loan was secured for one community in Wyoming;
  • a $3.7 million Fannie Mae small loan was secured for a manufactured home community in North Carolina.

Earlier in June, Bellwether Enterprise appointed a new vice president and loan originator in its Columbus, Ohio office.