JPMorgan Chase Originates $489M Loan for MHC Portfolio Deal

Horizon Land Co. used the financing to acquire 93 manufactured home communities in a transaction valued at more than $740 million.
Crescent Place Mobile Homes Park in San Antonio, Texas, is part of the communities acquired by Horizon Land Co. Image via Google Street View

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.