GMF Group Lands Refi for Florida MHC Portfolio

GMF Group has secured a $65 million CMBS refinancing package for a 17-asset MHC portfolio spread across Florida. Citigroup originated the five-year, interest-only mortgage in early December 2024, with Eastdil Secured serving as the borrower’s advisor.

Used to pay off previous mortgages and bridge loans on the 17 assets, the loan will also provide liquidity for the company’s investors. GMF Group intends to reinvest a significant amount of the proceeds back into the manufactured housing communities.

Some of the assets that traded are:

• Sunshine RV Resort in Lake Placid, Fla. Since purchasing it, GMF Group invested roughly $5million in the 411-lot property located at 303 SR 70 E.
• Arcadia Estates in Arcadia, Fla., a community located at 45 SW Martin Luther King Jr St.
• Lakeside Gardens in Lakeside West, Fla., located at 13897 Highway 27
• Fort Pierce Estates in Fort Pierce, Fla., at 3221 S. Highway 1

Most of the properties in the portfolio are all-age and pet-friendly manufactured home communities, with amenities such as clubhouses, playground spaces, access to lake areas, storage spaces, pet parks, and walking and hiking trails.

Eastdil Secured’s team of Vice President Drew Ahlers, Managing Director Ken Ziebelman, Director Adam Licari and Associate Makena Stimmler worked on behalf of GMF Group.

Portfolio deals in late 2024

Several other portfolio deals closed in the U.S. late last year. For example, QuadReal Property Group acquired an eight-asset portfolio for $330 million. The properties are located in key markets such as Dallas and Austin, Texas; Salt Lake City and Orlando, Fla.

Canada also saw large manufactured housing investments in late December: A division of TPG Real Estate paid $740 million for a 74-property portfolio throughout eight provinces. The seller of the 12,000-homesite portfolio was Canadian Apartment Properties Real Estate Investment Trust.