UMH PROPERTIES, INC. ENTERS INTO NEW TERM LOAN AND REVOLVING LINE OF CREDIT
13 5월 2023 - 5:15AM
UMH Properties, Inc. (NYSE: UMH) (TASE: UMH), announced that on May
11, 2023, it entered into a $25 million term loan with FirstBank.
The term loan has a 5-year term with a competitive fixed interest
rate. The previous line of credit had a balance of $15.1 million
which has been rolled into the new term loan. The term loan is
secured by rental homes, and their leases, in various communities
throughout our portfolio. Additionally, we entered into a new $25
million line of credit secured by rental homes and their leases.
This new line of credit also has a 5-year term and has a variable
rate tied to Prime.
Samuel A. Landy, President and Chief Executive
Officer commented, "UMH is pleased to announce this new term loan
and line of credit with FirstBank. FirstBank has been an excellent
partner and we are proud to grow our banking relationship with
them. Over the past few years, we have made great strides in
obtaining lender acceptance of our rental homes. We have now closed
on rental home loans with Fannie Mae and entered into revolving
lines of credit secured by rental homes with FirstBank and Triad
Financial Services. We look forward to sourcing additional capital
through the financing of our rental homes.”
“Rental homes in our communities have proven to
provide a durable and stable income stream which is evidenced
through our strong collection rate of over 98% and occupancy rate
of approximately 94%. The ability to generate liquidity through our
rental home investments should allow us to provide more affordable
housing through investment in new rental homes, developments and
acquisitions.”
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 135
manufactured home communities with approximately 25,700 developed
homesites. These communities are located in New Jersey, New York,
Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan,
Alabama, South Carolina and Georgia. UMH also has an ownership
interest in and operates two communities in Florida, containing 363
sites, through its joint venture with Nuveen Real Estate.
Contact: Nelli
Madden732-577-9997
# # # #
UMH Properties (NYSE:UMH)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
UMH Properties (NYSE:UMH)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024