UMH Properties, Inc. Enters A $25 Million Term Loan with FirstBank
May 16, 2023 at 10:40 am EDT
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UMH Properties, Inc. 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 its portfolio. Additionally, the company 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.
UMH Properties, Inc. is a real estate investment trust (REIT). The Companyâs primary business is the ownership and operation of manufactured home communities, leasing manufactured homesites to residents. The Company also leases manufactured homes to residents and, through its wholly owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (S&F), sells and finances the sale of manufactured homes to residents and prospective residents of its communities and for placement on customersâ privately owned land. The Company owns and operates 135 manufactured home communities, including two communities acquired through the Companyâs opportunity zone fund, containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama, South Carolina and Georgia. In connection with the operation of its communities, the Company also leases homes to prospective tenants.