JPMorgan Chase Originates $489M Loan for MHC Portfolio Deal
- Apr 06, 2021
Horizon Land Co. has spent $743.3 million to buy a portfolio of manufactured housing communities, a self storage property and RV pads across the country. The company financed the acquisition through a JPMorgan Chase-originated $488.6 million first lien acquisition loan, an additional $40 million mezzanine financing and $258.8 million of sponsor equity.
The portfolio comprises 93 manufactured housing communities totaling 11,129 pads that include:
- 10,897 manufactured housing pads
- 194 RV pads
- 38 site-built homes
- a self storage facility with 136 units.
The collection spans 13 states and 29 markets—including Dallas; St. Louis; Austin, Texas; and Omaha, Neb. The assets were completed between 1920 and 2000.
Given the growing demand for affordable housing and a significant lack of new supply, the manufactured housing sector is experiencing a surge in investor interest. The industry proved its resilience last year, when both rents and sales activity were on the rise despite pandemic-induced hurdles.