UMH Properties, Inc. has successfully completed the $16.3 million refinancing of its Fairview Manor community through Wells Fargo Bank, N. A.
The loan, from the Federal Home Loan Mortgage Corporation (Freddie Mac), has a 10-year maturity with principal repayments based on a 30-year amortization schedule. Interest is set at 3.85 percent and the loan was used to repay an existing 5.875 percent mortgage and other inventory financing lines.
“We are very pleased with our relationships with Wells Fargo Bank and Freddie Mac,” said UMH president and CEO Sam Landy.
“We appreciate their continued support. Not only will this new loan save us approximately $350,000 annually on our interest expense, but it demonstrates the increasing value of our communities and the financial flexibility of our company, allowing us to further execute our long-term growth strategy.”
As Daily Business News readers already know, UMH is a real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) in seven states east of the Mississippi, composed of 17,800 developed home sites. We recently covered UMH’s dividend announcement, and their Q2 2016 earnings report is here.
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Submitted by RC Williams to the Daily Business News for MHProNews.