Fannie Mae Finances its Largest Manufactured Housing Deal and Supports 29,000 Families
Transaction will preserve affordable housing in communities across the nation
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it is continuing efforts to support access to affordable housing by financing its largest Manufactured Housing Communities (MHC) transaction to date. The $1 billion deal is backed by 120 communities that will provide workforce housing for more than 29,000 families in 13 states across the country. Fannie Mae worked with KeyBank National Association and Wells Fargo Multifamily Capital to provide financing to YES! Communities, LLC, a leader in the management of MHC.
“Fannie Mae has supported the manufactured housing market for over 15 years, providing more than $9.5 billion in liquidity since 2000. Financing MHC is not only good business, it also provides affordable ownership and rental options for many families, especially in rural parts of the country,” said Jeffery Hayward, Executive Vice President for Multifamily, Fannie Mae. “We are pleased to have partnered with KeyBank and Wells Fargo, two of our Delegated Underwriting and Servicing (DUS®) Lenders, and YES! Communities on this important transaction that we believe will make a difference for families and communities across the nation.”
YES! Communities is an industry leader and has been recognized by The Manufactured Housing Institute as “MHC Operator of the Year” for the past seven years. Established in 2007, YES! takes a unique approach to managing their properties that encourages a sense of community.Fannie Mae’s Multifamily Structured Transactions Team provided YES! with a creative and flexible credit facility financing structure to manage their debt across their multifamily portfolio, allowing them to combine fixed- and floating-rate debt; and add, release, and substitute properties.
“Manufactured housing communities provide such a meaningful component of affordable housing to families nationwide,” said Chris Black, Manager – National Accounts, KeyBank. “Fannie Mae understood the importance of this transaction and offered a creative financing solution that met YES! Communities’ needs. This transaction delivers upon the broader goals of both KeyBank and Fannie Mae in providing financing to promote greater access to affordable housing.”
“Wells Fargo has a strong commitment to preserving affordable housing across the country and to the manufactured home community sector,” said Tony Petosa, a managing director in Wells Fargo Multifamily Capital. “The Fannie Mae team knows how to manage complex transactions, and the team’s expertise, professionalism and responsiveness enabled them to meet YES! Communities’ needs and get the deal done.”
“We are excited to have done our first transaction with Fannie Mae, a national leader in multifamily financing,” said Gary McDaniel, Chief Executive Officer, YES!. “They took the time to understand how we do business and to provide us with the creative structuring to execute on our investment objectives. We appreciated the terrific coordination with Key, Wells, and Fannie Mae to make this transaction a success.”
For nearly 30 years and through every market cycle, Fannie Mae has provided liquidity, stability, and affordability to the rental market working with its 25 DUS Lenders. The company’s unique DUS platform relies on shared risk, with lenders retaining some of the underlying credit risk of the loans they sell to Fannie Mae. Our DUS Lenders are delegated the ability to underwrite, close, deliver, and service loans on all types of multifamily properties, which means faster decisions and quicker closings for customers.
As a leading source of financing in the multifamily sector, Fannie Mae remains a reliable partner across the spectrum of the nation’s rental housing needs. To learn more about Fannie Mae’s Multifamily business, visit https://www.fanniemae.com/multifamily/index, where you can also learn more about Fannie Mae's Manufactured Housing Communities product.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.