UMH PROPERTIES, INC. ANNOUNCES COMMUNITY AND RENTAL HOME ADDITIONS TO FANNIE MAE CREDIT FACILITY
UMH Properties has successfully completed two tranches to its Fannie Mae credit facility through Wells Fargo Bank, totaling approximately $34 million.
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Rhea-AI Summary
UMH Properties has successfully completed two tranches to its Fannie Mae credit facility through Wells Fargo Bank, totaling approximately $34 million. The Community Tranche includes four communities, while the Home Tranche encompasses about 250 homes. Both tranches have a 10-year loan term, with interest fixed at 5.24%. Proceeds will be utilized for acquisitions, expansions, rental homes, and general corporate purposes, enhancing shareholder value and affordable housing availability.
Positive
- Successfully added $34 million to credit facility through Fannie Mae.
- Fixed interest rate of 5.24% for both tranches.
- Proceeds will support acquisitions and expansion, potentially increasing shareholder value.
Negative
- None.
Details
News Market Reaction – UMH
The recorded move for UMH in the trading session of this news was -6.89%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FREEHOLD, NJ, Sept. 26, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) today announced that it recently completed the addition of two tranches 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 announce our community and rental home additions to our Fannie Mae credit facility. We are grateful for our relationship with Wells Fargo and Fannie Mae and look forward to continue working together to provide affordable housing to the Nation.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 132 manufactured home communities with approximately 25,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, and South Carolina. UMH also has an ownership interest in and operates one community in Florida, containing 219 sites, through its joint venture with Nuveen Real Estate.
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Contact: Nelli Madden
732-577-9997
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