UMH PROPERTIES, INC. ANNOUNCES ADDITION TO FANNIE MAE CREDIT FACILITY
Rhea-AI Summary
UMH Properties (NYSE: UMH) has completed the addition of 10 manufactured home communities with 2,001 sites to its Fannie Mae credit facility through Wells Fargo Bank. The transaction secured $101.4 million in proceeds through a 10-year, fixed-rate interest-only loan at 5.855%. The certified appraisal valued these communities at $163.5 million ($82,000 per site), representing a 146% increase from UMH's initial investment of $66.6 million.
The proceeds will fund acquisitions, expansions, rental homes, and temporarily repay higher-interest debt. UMH currently owns and operates 141 manufactured home communities with approximately 26,500 developed homesites across 12 states, including 10,400 rental homes and over 1,000 self-storage units.
Positive
- Secured $101.4 million in financing at a fixed rate of 5.855%
- Properties appreciated 146% from $66.6M investment to $163.5M appraised value
- Interest-only loan structure provides improved cash flow
- Funds will support growth through acquisitions and expansions
Negative
- None.
News Market Reaction – UMH
In the trading session that priced this news, UMH declined 0.29%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FREEHOLD, NJ, May 16, 2025 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) announced that on May 15, 2025 it completed the addition of ten communities containing 2,001 sites, to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately
Samuel A. Landy, President and Chief Executive Officer, commented “We are proud to complete another addition to our Fannie Mae credit facility. This refinancing further demonstrates the value created through our business plan. As part of the refinancing process, a certified appraisal was conducted and concluded that these ten communities appraised for
“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 our Nation with additional affordable housing while generating significant long-term results for our shareholders.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 141 manufactured home communities, containing approximately 26,500 developed homesites, of which 10,400 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 141 communities are two communities in Florida, containing 363 sites, that UMH has an ownership interest in and operates through its joint venture with Nuveen Real Estate.
Contact: Nelli Madden
732-577-4062
