GE Provides $44M in Loans for Manufactured Homes

GE Real Estate has provided a combination of $44.6 million in loans for the refinancing and acquisition of manufactured home communities by two real estate owners. The first deal was an $18.1 million loan to KDM Development, which the firm used to refinance loans of a trio of existing communities and raise capital for future investments.The communities—Lake Haven in Berlin, Md., Royal Palms in Wilmington, N.C., and Northland Park in Watertown, N.Y.– include a total of 535 homesites.  The second transaction was a $26.5 million facility to Global Texas to increase existing GE Real Estate loans on two communities and fund the acquisition of a third. The newly-acquired property is Buffalo Ridge, located outside Fort Worth, Texas. The 180-site community is 94 percent occupied. Global Texas plans to acquire more property with the remaining funds in the GE loan.  “With our plans for growth, we wanted to get the transaction completed as quickly as possible, said Scott Jackson of Global Texas. “We went with GE Real Estate because they know this industry and our business, they provide deal structure flexibility and they can close deals in short timeframes.” “We are pleased to work with KDM and Global Texas and their experienced management teams, and look forward to closing more deals with them in the near future,” said Brian Mills, GE Real Estate’s director, manufactured home communities for the Eastern U.S. GE Real Estate’s North American lending division provides funding for real estate across all major sectors as well as niche asset classes such as affordable housing and manufactured home and RV communiti