UMH Properties Inc. announced that it successfully completed the financing of four manufactured home communities through Wells Fargo Bank NA for total proceeds of approximately $30 million.
These four Federal Home Loan Mortgage Corporation (Freddie Mac) mortgage loans have 10-year maturities with principal repayments based on 30-year amortization schedules. Interest on these mortgages is at a weighted-average fixed rate of 4.06 percent. Proceeds from these mortgages were used to repay $16 million of existing mortgages and for other 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., which was organized in 1968, is a public equity REIT that owns and operates 95 manufactured home communities with approximately 16,600 developed homesites. These communities are located in New York, including Hamburg, West Monroe and Youngstown; New Jersey, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. In addition, the company owns a portfolio of REIT securities.