Walker & Dunlop Arranges $52M Refi for Chicago-Area MHCs

Managing Director Stuart Wernick and Director Matt Newton arranged the Freddie Mac loan for the three communities.
699 Michelle Drive. Image via Google Street View

Walker & Dunlop’s Managing Director Stuart Wernick and Director Matt Newton have arranged $52 million in financing for three, all-age manufactured housing communities located in the Chicago metro area. The Freddie Mac refinancing loans feature a ten-year amortization period and interest rates under three percent. The loans were upsized by utilizing income from newly delivered homes at each of the communities.

The portfolio includes the following all-age communities totaling more than 1,000 sites:

  • Alpine Village, located at 699 Michelle Drive in Lynwood, Ill.
  • Paradise Park, located at 699 Michelle Drive in Lynwood, Ill.
  • Weatherstone Lakes Manufactured Home Community, located at 21191 Torrence Ave. in Sauk Village, Ill.

The properties are less than three miles away from each other and are located near Plum Creek Forest Preserve and a golf course at Longwood Country Club. Downtown Chicago is approximately 30 miles away via Interstate 94.

The company completed more than $634 million in financing for manufactured housing communities in 2019 as interest in this sector has been rising. Manufactured housing is considered one of the most viable solutions for the country’s ongoing affordable housing crisis.