debt
confidence high
sentiment positive
materiality 0.50
UMH Properties adds ten communities to Fannie Mae facility, $101.4M at 5.855% for 10 years
UMH PROPERTIES, INC.
- Proceeds of ~$101.4M from addition of 10 communities (2,001 sites) to Fannie Mae credit facility via Wells Fargo.
- Loan is interest-only at fixed rate 5.855% with 10-year term.
- Appraisal of communities at $163.5M, up 146% from $66.6M cost basis.
- Proceeds to fund acquisitions, expansions, rental homes, and repay higher-rate debt short-term.