PGIM’s Real Estate Investment Group has originated a $136.3 million floating-rate loan to Bedrock Communities, providing portfolio-level financing for seven manufactured housing communities in central Florida. The financing is being made on behalf of PGIM’s core-plus debt strategy and is secured by a collection of properties that together total 1,577 manufactured housing sites.
The loan extends PGIM’s relationship with Bedrock Communities, an owner and operator focused on manufactured housing communities across the Southeast US. While specific loan terms such as duration, rate structure beyond its floating-rate nature, or use of proceeds were not disclosed, the transaction represents a sizeable commitment of capital to the manufactured housing segment within the Florida market.
According to Trevor Arnholt, executive director at PGIM, manufactured housing continues to serve a critical role in addressing housing needs across the state. He noted that this latest financing is consistent with PGIM’s conviction in the sector, highlighting the importance of manufactured housing communities in providing more attainable housing options. Arnholt also indicated that PGIM has now closed more than $430 million in financing across five separate loans with Bedrock Communities over the past two years, underscoring the depth of the ongoing lending relationship between the two firms.
The seven-asset portfolio financed in this transaction is part of Bedrock Communities’ broader footprint in the Southeast, where the company both owns and operates manufactured housing communities. Bedrock positions its properties as communities that offer residents attainable value combined with well-appointed amenities, aiming to serve households seeking more affordable living options relative to other forms of housing.
While the specific locations of the individual communities within central Florida were not detailed, the scale of the 1,577-site portfolio reflects a meaningful concentration of manufactured housing in the region. The transaction aligns with continued institutional interest in manufactured housing as an asset class, driven in part by persistent demand for more affordable housing options and the sector’s role in meeting that demand.
Details such as loan maturity, amortization profile, and more granular property-level information were not disclosed. However, the size of the financing and the multi-asset structure provide additional insight into how institutional lenders are engaging with established manufactured housing operators, using portfolio loans to support growth and recapitalization strategies in this segment of the housing market.
