Newmark Arranges $91.78M Freddie Mac Refinancing for RHP Properties' 13-Community Redwood Portfolio
Newmark has arranged a $91.78 million refinancing for the RHP Redwood Portfolio, a 13-community manufactured housing portfolio comprising 1,892 homesites across Arizona, Connecticut, Maryland, Michigan, Minnesota and Ohio, the firm announced Oct. 22. The borrower is RHP Properties, one of the nation's largest owners and operators of manufactured housing communities. Freddie Mac provided the financing.
Newmark Team Arranges Freddie Mac Loan for RHP Properties
Newmark Vice Chairmen Robert Younkin and Garrett Meyers and Director Austin Smith arranged the financing on behalf of RHP Properties. The transaction was structured as a five-year fixed-rate loan with full-term interest-only payments, achieving a sub-100-basis-point spread following the execution of a rate buydown.
The loan equates to approximately $48,510 per homesite, based on the loan amount and the portfolio's 1,892 homesites.
"Executing a refinancing of this scale across multiple markets required a high level of coordination and trust among all parties," said Younkin. "The longstanding relationships between RHP, Freddie Mac and Newmark allowed us to begin critical workstreams well in advance of formal loan application, creating efficiencies throughout the process and helping the team move from quote to closing in just 42 days while securing attractive long-term financing for the portfolio."
RHP Redwood Portfolio: Six States, 13 Communities
The portfolio includes three properties in Tucson, Arizona; four properties in Connecticut's New Haven/Hartford metropolitan area; three properties in Lexington Park, Maryland; one property in Grand Rapids, Michigan; one property in Oakdale, Minnesota; and one property in Lima, Ohio.
The communities feature a variety of resident amenities, including clubhouses, management offices, swimming pools, playgrounds, basketball courts and shuffleboard facilities.
The portfolio's geographic spread, which combines Sun Belt, Midwest and Northeast locations, reduces dependence on a single local housing market.
Manufactured Housing Financing Market Context
The refinancing comes as manufactured housing attracts increased debt capital. Manufactured housing loan originations reached nearly $2.5 billion in the first quarter of 2026, up from approximately $1.2 billion in the same period a year earlier, according to MSCI Real Capital Analytics data. About $7.4 billion of manufactured housing loans are scheduled to mature by year-end 2027, creating a substantial refinancing pipeline.
Freddie Mac describes manufactured housing as one of the country's largest sources of unsubsidized affordable housing, with more than 22 million U.S. households living in manufactured homes. The agency says a new manufactured home costs roughly $84 per square foot, excluding land, compared with about $169 per square foot for a site-built home. Including land, the average newly placed manufactured home costs approximately $200,000, versus more than $500,000 for a traditional site-built home.
Freddie Mac has also emphasized expanding manufactured housing, accessory-dwelling-unit and construction-to-permanent financing to support affordability and housing supply.
Loan Structure and Implications for the Sector
A 13-property loan allows the borrower to diversify property and market exposure across six states while giving the lender a larger collateral pool. The full-term interest-only structure preserves near-term property-level cash flow, while the rate buydown contributed to the sub-100-basis-point spread.
For established operators such as RHP Properties, access to agency capital ahead of the broader maturity wave may support refinancing activity as loan maturities build across the sector.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents.
Sources
- Newmark press release: Newmark Arranges $91.8 Million Refinancing for RHP Properties' Redwood Portfolio