Debt Capital Markets

Who we are

With over 100 years of combined MHC experience in both capital markets and MHC ownership operation, the targeted origination team at BWE that specializes in arranging debt and equity for Manufactured Home Communities (MHC) nationally is regarded as one of the best in the sector. Led by MJ Vukovich, the team has closed around $3 billion in debt and equity over the past 5 years and more than 200 transactions since his arrival in 2015.

MJ and his team specialize in high service, client-side representation, and he uses his prior experience as an operator to help guide others through the lending process through the lens of an owner. This approach has led the team to be considered one of the top MHC origination groups in the country, being the largest producer of MHC loans for Fannie Mae in 2022, and a Top 5 producer of agency loans for MHC for one or both of the agencies, nationally, over the past five years.

Find the Right Financial Fit for Your Goals

We offer a comprehensive range of financing solutions tailored to real estate investments:

Agency Financing: Fannie Mae

BWE is a direct Fannie Mae Delegated Underwriting and Servicing (DUS) approved lender that services manufactured housing communities (MHC) and multifamily investors. The BWE MHC team uses the DUS model to provide certainty of execution, efficient closings with underwriting / closing completed in house, and industry leading pricing for MHCs and other multifamily property types. The BWE MHC team is a consistent leader in Fannie Mae’s MHC loan originations including the top producer of MHC loans in 2022.

Agency Financing: Fannie Mae Credit Facilities

Fannie Mae’s structured loan product is a flexible financing tool that allows a borrower to manage debt across its entire portfolio with both short- and long-term investment strategies in mind. The ability to tranche debt with ladder maturities, borrow up to access trapped equity and customized prepayment schedules allows a borrower to scale their portfolio. Borrowers can add, sell, and substitute assets on their schedule. The BWE MHC team is a top 5 lender in the Fannie Mae structured space.

Agency Financing: Freddie Mac

As a direct Freddie Mac Optigo Lender, BWE offers competitive and reliable loan products for MHC and multifamily property acquisition and refinance. The BWE MHC team and Freddie Mac work together to structure the most appropriate loan terms for all business plans. With the two teams working together, there is a certainty of execution and centralized process directly with Freddie Mac allowing the team to be nimble throughout the process.

Agency Financing: Freddie Mac Transitional Line of Credit (TLC)

Freddie Mac’s structured loan product functions much like a traditional line of credit with locked in credit and pricing terms before identifying properties. It is a highly customizable non-recourse product tailored for the short-term repositioning of transitional assets to large portfolio acquisitions. The TLC allows the ability to move assets in and out of the line without having to substitute assets, borrow up, comingle within separate sub pools allowing for different ownership / equity structures, and provide a seamless exit with minimal to no fees if refinanced into Freddie Mac’s conventional permanent loan program. The BWE MHC team has extensive experience in structuring TLCs for value-add MHC business plans.

CMBS

The BWE MHC team is partners with a vast network of MHC-specialized CMBS lenders who offer competitive fixed rate financing terms for properties $3MM+. CMBS allows our clients to maximize value whether it be through recapitalizations or acquisition financing.

Life Insurance Company

BWE has long-standing relationships with 20+ of the most active life insurance company lenders in the MHC industry who provide competitive spreads, flexible structures, and low closing costs. Our deep relationships allow us to tailor to our clients’ needs while achieving highly competitive terms.

Equity

The BWE MHC team is partners with a vast network of MHC-specialized equity providers, including JV, Mezzanine and Pref equity solutions for sponsors of all sizes. Our well-established connections allow us to help our clients grow to meet the goals they seek.

Debt Fund

BWE has an extensive network of MHC experts in the bridge space who understand MHC value-add properties with flexible structures, swift capital access and expedited loan closings. Debt funds offer tailored solutions customized to our client’s specific business plans at competitive terms.

Recent Transactions

Bellwether Enterprise Real Estate Capital, LLC (BWE) has consistently been a leader in the manufactured housing community (MHC) debt space. The impressive volume of business done over the past five years, in particular, is comprised of communities across the country and of all different sizes and attributes. With over $4 billion in volume and communities served in over 35 states, the work underscores BWE's commitment to the MHC sector, where the firm has been recognized as a top Fannie Mae Delegated Underwriting and Servicing (DUS®) and Freddie Mac Optigo producer, year over year. In 2024, BWE was ranked #4 for Fannie Mae and #3 for Freddie Mac in MHC financings, respectively.

Our Awards

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