MHProNews has learned from marketwatch that UMH Properties, Inc. (NYSE:UMH) has financed four manufactured home communities (MHCs) through Wells Fargo Bank, NA for a total of $30 million. These Federal Home Loan Mortgage Corporation (Freddie Mac) mortgage loans mature in 10 years with principal repayments based on 30-year amortization schedules. Interest is at a weighted-average fixed rate of 4.06%.
These funds were used to repay $16 million of existing mortgages and for general corporate purposes.
Samuel A. Landy, President and Chief Executive Officer commented, “We are very pleased with our relationships with Wells Fargo Bank and Freddie Mac. We appreciate their continued support. These new loans demonstrate the value of our communities and the financial flexibility of our company, allowing us to further execute our long-term growth strategy.“
UMH Properties, Inc., is a public equity real estate investment trust (REIT) that owns and operates 95 MHCs comprised of 16,600 developed sites. ##
(Photo credit: UMH Communities, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.