YES! Communities, one of the largest owners of manufactured home communities in the nation with 178 communities in 17 states containing over 44,600 residential home sites, has announced it has sold 71 percent equity interest in its combined businesses to two global institutional investors, according to prnewswire. One of them is GIC, the Singapore-based sovereign wealth fund, with over $100 billion under management.
Additionally, the three entities that comprise YES!’ MHC portfolio will be combined into a new entity called YES! Communities LLC, a new real estate investment trust (REIT) portfolio.
Debt financing for the transaction was secured through two Fannie Mae credit facilities arranged by KeyBank and Wells Fargo, respectively. KeyBank also arranged a credit facility from Freddie Mac and a line of credit.
A portfolio company of Stockbridge Capital Group, LLC, YES!’s management team and existing investors of Stockbridge will own 29 percent of the new company. No financial terms were disclosed, MHProNews has learned.
In order to meet the various needs of its residents, YES! Offers home rental, site rental, home sales and home loan acquisition programs.
Stockbridge is an independent real estate investment management firm with $10 billion in real estate assets under management.
For the initial story abut GIC’s interest in YES!, please click here. ##
(Photo credit: YES!Communities manufactured home duplex)
Article submitted by Matthew J Silver to Daily Business News-MHProNews.