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UMH PROPERTIES, INC. ENTERS INTO NEW TERM LOAN AND REVOLVING LINE OF CREDIT
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FREEHOLD, NJ, May 12, 2023 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) (TASE: UMH), 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 our portfolio. Additionally, we 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.
Samuel A. Landy, President and Chief Executive Officer commented, "UMH is pleased to announce this new term loan and line of credit with FirstBank. FirstBank has been an excellent partner and we are proud to grow our banking relationship with them. Over the past few years, we have made great strides in obtaining lender acceptance of our rental homes. We have now closed on rental home loans with Fannie Mae and entered into revolving lines of credit secured by rental homes with FirstBank and Triad Financial Services. We look forward to sourcing additional capital through the financing of our rental homes.”
“Rental homes in our communities have proven to provide a durable and stable income stream which is evidenced through our strong collection rate of over 98% and occupancy rate of approximately 94%. The ability to generate liquidity through our rental home investments should allow us to provide more affordable housing through investment in new rental homes, developments and acquisitions.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities with approximately 25,700 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 its joint venture with Nuveen Real Estate.
umh properties, inc., (umh) is a real estate investment trust (reit) that owns and operates manufactured home communities in seven states throughout the northeast. these states include new jersey, new york, ohio, pennsylvania, tennessee, indiana and michigan. manufactured home communities provide long-term appreciation, recession resistant qualities, and stable income streams. umh has been in business since 1968, operating as a public company since 1985. we own a portfolio of 74 manufactured home communities, housing approximately 13,400 home sites. umh has a subsidiary, umh sales and finance, which sells manufactured homes into its communities. if you are looking to purchase a new home in one of our communities, please visit the umh sales and finance site by clicking this link: www.umhhomesales.com. we encourage you to visit our investors website ir.umh.com where you will find our most recent annual report, letter to shareholders, and sec filings. our website also includes our d
