When the pandemic hit in March, affordable housing investment firm Yes Communities was negotiating a deal to purchase a portfolio of mobile-home communities across the country for more than $1 billion.
But the sale posed a significant challenge at a time when many government offices were closed and in-person meetings were off the table: Denver-based Yes couldn’t record the mortgages because government offices in the states the 49 properties were spread across had been closed.
“They had essentially gone hard, and the whole deal needed to be pieced back together again,” said Ness Cohen, chair of the national real estate practice at the global law firm Clifford Chance, who represented the buyer on the deal.
Cohen said that ultimately his client and the seller were able to sit down with Fannie Mae and Freddie Mac and seal the deal in June. But the rocky road to closing