GE Real Estate, Norwalk, Connecticut, announced it has provided a$270 million loan to Denver-based Yes! Communities Inc. for theacquisition of a portfolio of 67 manufactured-home communities (MHCs)from affiliates of Knoxville, Tennessee-based CMH Parks-Clayton HomesInc., a Berkshire Hathaway company, Omaha, Nebraska.
With this acquisition, Yes! now has http://www.trilivecondo.info one of the largest portfolios of MHCs in the United States with properties in 12 states--concentrated in the Dallas/Houston/San Antonio https://en.wikipedia.org/wiki/Real_estate metro regions of Texas; the Tampa/Jacksonville metro regions of Florida; and the Nashville/Knoxville metro regions of Tennessee, according to https://en.wikipedia.org/wiki/Real_Estate_%28band%29 Art Tuverson, GE's director of manufactured home communities.
"Yes! Communities will benefit from its acquisition of an institutional-quality portfolio located in primary markets," said Tuverson. "Its experienced management team is well-positioned to drive cash-flow growth by providing quality affordable housing."
Yes! Communities is a joint venture between BaseCamp Capital of Denver, a real estate private equity group with a focus on manufactured housing, and San Francisco-based Stockbridge Real Estate Funds, a real estate fund group. Stockbridge has invested more than $5.5 billion in real estate assets, according to Andrew Luter, chief operating officer of 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," said Luter. "Our company is committed to meeting this need with a positive housing value and a Yes! attitude for both existing and prospective residents."
COPYRIGHT 2008 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.
With this acquisition, Yes! now has http://www.trilivecondo.info one of the largest portfolios of MHCs in the United States with properties in 12 states--concentrated in the Dallas/Houston/San Antonio https://en.wikipedia.org/wiki/Real_estate metro regions of Texas; the Tampa/Jacksonville metro regions of Florida; and the Nashville/Knoxville metro regions of Tennessee, according to https://en.wikipedia.org/wiki/Real_Estate_%28band%29 Art Tuverson, GE's director of manufactured home communities.
"Yes! Communities will benefit from its acquisition of an institutional-quality portfolio located in primary markets," said Tuverson. "Its experienced management team is well-positioned to drive cash-flow growth by providing quality affordable housing."
Yes! Communities is a joint venture between BaseCamp Capital of Denver, a real estate private equity group with a focus on manufactured housing, and San Francisco-based Stockbridge Real Estate Funds, a real estate fund group. Stockbridge has invested more than $5.5 billion in real estate assets, according to Andrew Luter, chief operating officer of 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," said Luter. "Our company is committed to meeting this need with a positive housing value and a Yes! attitude for both existing and prospective residents."
COPYRIGHT 2008 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.