Hometown America secures 74.7m to refinance Fairways Country Club

Hometown America secured a $74.7m Fannie Mae loan for the refinancing of Fairways Country Club. Located 10 miles east of downtown Orlando, the property is age restricted for those who are at least 55 years old. Situated on 343 acres, the country club features an 18-hole golf course, three clubhouses and 1,142 pads. Walker & Dunlop provided the funding, a 10-year, fixed-rate loan, through Fannie Mae's Streamlined Rate Lock (SRL) option. The property has a strong operating history, with occupancy levels above 97.2 percent since 2008 and an annual rent growth of at least 3.5 percent. “Manufactured housing communities are consistently some of the best performing assets in our portfolio, and Fairways is no exception,” said Will Baker of Walker & Dunlop. “This is one of the most high-quality manufactured housing communities we've financed, and we were pleased to work with Hometown again to meet their lending needs.”