KeyBank Provides $163.1M Refinancing for Manufactured Housing Portfolio
CLEVELAND, OHIO — KeyBank Real Estate Capital has provided $163.1 million in financing through a Fannie Mae credit facility for the recapitalization of 14 manufactured housing properties in six states. Totaling 5,013 combined pad sites, the properties are part of a 23-property portfolio owned and operated by Inspire Communities. The property names were not disclosed. Todd Linehan of Key structured the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan will be cross-collateralized and cross-defaulted.