JLL Capital Markets arranged more than $300 million in financing for the acquisition of a 40-asset manufactured housing portfolio. The properties are spread cross six states.
Details of the financing, which was described as being flexible and having “best-in-market” terms, were not disclosed. JLL declined to identify the buyer and seller.
JLL worked on behalf of the buyer. The seller has more than 10,000 pads. This particular portfolio has an average occupancy rate of just under 90 percent and a mix of manufactured housing, recreational vehicle and apartment/single-family home sites.
Tony Nargi, a managing director with the JLL Capital Markets Debt Advisory team, noted in prepared remarks the acquisition was a generational opportunity for the buyer. In addition to Nargi, the team was led by President Jody Thornton, Senior Managing Director Zach Koucos, Senior Director Chris Collins and Analysts Jacob Martin and Jack Wood.
Earlier JLL deals
JLL Capital Markets has arranged financing packages for other manufactured housing assets in recent years. In December 2022, JLL Capital Markets Director Jonah Aelyon and Analyst Nick Rango secured $15 million in refinancing for two manufactured housing communities owned by Three Pillar Communities in Happy Valley, Ore., and Ukiah, Calif. Orchard Lane in Happy Valley, a community with 104 manufactured homes, received a $9 million loan. Ukiah Country Manor, which has 81 mobile homes, was refinanced with a $6 million loan.
Collins, Koucos and JLL Associate Bradley Vansant represented the seller in a September 2021 deal where two manufactured housing communities totaling 410 home sites near San Diego and Sacramento, Calif., were sold to Hometown America. Earlier that year, JLL closed a $17 million Fannie Mae loan for Lewis Investments to refinance a portfolio with three manufactured housing and RV communities in Central Texas.
