GE Real Estate Provides $270 Million Loan for Acquisition of 67 Manufactured Home Communities in 12 States
Asset is One of the Largest Portfolios of MHCs in the Country
Irvine, CA, March 31, 2008 – GE Real Estate announced today it provided a $270 million loan to Yes! Communities, Inc. for the acquisition of a portfolio of 67 manufactured home communities (MHCs) from affiliates of CMH Parks-Clayton Homes, Inc., a Berkshire Hathaway company. With this acquisition, Yes! now has the one of the largest portfolios of MHCs in the U.S. with properties in 12 states, with concentrations in Texas (Dallas/Houston/San Antonio), Florida (Tampa/Jacksonville) and Tennessee (Nashville/Knoxville).
Yes! Communities is a joint venture between BaseCamp Capital of Denver, CO, a real estate private equity group with a focus on manufactured housing, and Stockbridge Real Estate Funds, a real estate fund group based in San Francisco, CA, which has invested over $5.5 billion in real estate assets.
“GE Real Estate’s manufactured housing team has their pulse on the industry and proved to be a strong and dependable financial partner. The GE team worked closely with to get this complex transaction completed,” said Andrew Luter, Chief Operating Officer for Yes! Communities. “Given the recent economic downturn and the fallout from the subprime mortgage crisis, we need affordable housing in this country now more than ever. Our company is committed to meeting this need with a positive housing value and a Yes! attitude for both existing and prospective residents.”
“Yes! Communities will benefit from its acquisition of an institutional quality portfolio located in primary markets,” said Art Tuverson GE’s director, Manufactured Home Communities. “Its experienced management team is well-positioned to drive cash flow growth by providing quality affordable housing.”
GE Real Estate’s North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, student housing, regional malls and outlet centers. North America Lending is also a provider of financing solutions for niche asset classes including affordable housing, golf, hospitality, vacation ownership, manufactured home and RV resort communities.
GE Contact:
Bernhard Klein Wassink
203/750-3317
bernhard.kleinwassink@ge.com
HLB Communications, Inc.
Pamela Flores
312/649-0371
pflores@hlbcomm.com
Notes to editors:
About GE Real Estate
GE Real Estate (www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$79 billion in assets and a presence in 32 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$310 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of GE (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
Yes! Communities is a joint venture between BaseCamp Capital of Denver, CO, a real estate private equity group with a focus on manufactured housing, and Stockbridge Real Estate Funds, a real estate fund group based in San Francisco, CA, which has invested over $5.5 billion in real estate assets.
“GE Real Estate’s manufactured housing team has their pulse on the industry and proved to be a strong and dependable financial partner. The GE team worked closely with to get this complex transaction completed,” said Andrew Luter, Chief Operating Officer for Yes! Communities. “Given the recent economic downturn and the fallout from the subprime mortgage crisis, we need affordable housing in this country now more than ever. Our company is committed to meeting this need with a positive housing value and a Yes! attitude for both existing and prospective residents.”
“Yes! Communities will benefit from its acquisition of an institutional quality portfolio located in primary markets,” said Art Tuverson GE’s director, Manufactured Home Communities. “Its experienced management team is well-positioned to drive cash flow growth by providing quality affordable housing.”
GE Real Estate’s North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, student housing, regional malls and outlet centers. North America Lending is also a provider of financing solutions for niche asset classes including affordable housing, golf, hospitality, vacation ownership, manufactured home and RV resort communities.
GE Contact:
Bernhard Klein Wassink
203/750-3317
bernhard.kleinwassink@ge.com
HLB Communications, Inc.
Pamela Flores
312/649-0371
pflores@hlbcomm.com
Notes to editors:
About GE Real Estate
GE Real Estate (www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$79 billion in assets and a presence in 32 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$310 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of GE (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
posted by Andrew at 9:59 AM
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