A subsidiary of manufactured housing and recreational vehicle community owner Sun Communities, Inc. borrowed $141.5 million from Bank of America, split in to two loans. The $72.4 million Pool A Loan accrues interest at 4.89 percent annually, while the interest rate on the $69.1 million Pool B Loan is 4.90 percent. According to 4-traders.com, the Pool A loan is secured by eight manufactured housing communities (MHCs) and two recreational vehicle (RV) communities while collateral for Pool B is also eight MHCs and one RV community. Both loans mature Jan. 1, 2024.
In another development, Sun’s board of directors increased the number of board members from seven to eight, and appointed venture capitalist investor Brian M. Hermelin as a director of the company. MHProNews knows Sun owns and operates 185 communities comprised of 68,300 home sites.
(Photo credit: Sun Communities, Inc.)