UMH PROPERTIES, INC. ANNOUNCES ADDITION TO FANNIE MAE CREDIT FACILITY
15 12월 2023 - 6:52AM
UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) today announced that
it completed the addition of eight communities, containing 1,281
sites, to its Fannie Mae credit facility through Wells Fargo Bank,
N.A., for total proceeds of approximately $57.7 million. It is a
fixed rate, interest only loan at 5.97% with a 10-year term. The
proceeds will be used to invest in additional acquisitions,
expansions, rental homes and repay higher interest rate debt on a
short-term basis.
Samuel A. Landy, President and Chief Executive
Officer, commented “We are proud to complete this loan which
demonstrates the strength of our long-term value-added business
plan. Six of these communities were acquired in 2013 and two of
them were acquired in 2012. Our total investment in these
communities, including capital improvements, is $51.5 million, or
approximately $40,000 per site. The communities appraised for
approximately $108 million, or $84,000 per site, generating a gain
in property value of over 109% or $56.5 million. Our ability to
acquire value-add communities, complete necessary improvements and
increase occupancy through our sales and rental program generates
meaningful property level value, which shareholders realize through
these financing events.
“We are proud of our team and our lending
partners at Wells Fargo and Fannie Mae for completing this
transaction. We look forward to deploying this capital into our
business which will allow us to provide the Nation with additional
affordable housing.”
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 135
manufactured home communities containing approximately 25,800
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 a joint venture with Nuveen Real
Estate.
Contact: Nelli
Madden732-577-4062
UMH Properties (NYSE:UMH)
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