Manufactured Housing Properties Secures $62M Fannie Mae Refi

The company also acquired three communities, expanding its North Carolina footprint.

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Manufactured Housing Properties has secured refinancing for 42 of its manufactured housing communities. The $62 million Fannie Mae loan held by KeyBank provides financing over a 10-year term and pays off some 22 other loans with different lenders.

Payments are at a rate of 4.87 percent interest-only for the first five years. Some $4 million of the refinance is set aside for capital improvements at MHP’s communities.


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The owner and operator of mobile homes communities also added three new manufactured communities to its portfolio, located in Statesville, Trinity and Thomasville, N.C. The properties total 39 homes and 122 lots, spread across approximately 74 acres of land. This addition expands MHP’s footprint near Charlotte and Greensboro, N.C., as the cities of Thomasville and Trinity are within 30 miles of Greensboro.

The refinance includes 81 percent of MHP’s portfolio, which is located across Georgia, The Carolinas and Tennessee. The company now owns 52 communities encompassing 2,472 lots, with eight of these properties purchased this year. In August, MHP paid $3.1 million for Red Fox Manufactured Housing Community in Clyde, N.C.