BOA Loans UMH $$ to Refinance MHCs

PR-USA tells that UMH Properties, Inc., of Freehold, New Jersey, took out a $11.4 million mortgage loan with Bank of America to refinance two manufactured housing communities in Ohio and Tennessee. At a fixed all-in rate of 4.39 percent, monthly principal payments will be $26,113. Payoff date is Feb. 1, 2017, but that may be extended at an interest rate of LIBOR ( London Interbank Offered Rate), the average interest rate major banks in London offer other banks, plus 3.25 percent. UMH is a publicly-owned REIT (real estate investment trust) that owns and operates 41 manufactured home communities in eight states with approximately 9,000 homesites.

(Graphic credit: UMH)

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