UMH Properties Inc. announced that it has closed a $10.2 million loan with Wells Fargo Bank N.A., secured by Fannie Mae. The loan carries a fixed 6.03% interest‑only rate and a ten‑year term. The financing follows the repayment of a $2.8 million mortgage earlier this year, leaving $7.4 million of new proceeds.
The funds are earmarked for additional acquisitions, expansion of existing communities, development of rental homes and the short‑term repayment of higher‑cost debt. The loan is tied to a manufactured‑home community in Freehold, New Jersey, which UMH acquired in 2014 at 69% occupancy. After renovations and a rental‑home program, occupancy has risen to 95% and further expansion is planned.
UMH Properties, organized in 1968, now operates 145 manufactured‑home communities comprising roughly 27,100 developed sites across 12 states. Its portfolio also includes 11,200 rental homes and more than 1,000 self‑storage units. Joint‑venture properties with Nuveen Real Estate consist of two Florida communities (363 sites) and one Pennsylvania community (113 sites).
President and CEO Samuel A. Landy said the loan supports the company’s long‑term, value‑added strategy, allowing it to refinance existing debt and invest in new rental homes, expansions and acquisitions.
