UMH Properties Inc. has secured a $10.2 million, 10-year fixed-rate loan from Fannie Mae at 6.03% to refinance a manufactured home community in New Jersey, the company said.
The financing replaces an existing $2.8 million mortgage on the 267-lot property and releases $7.4 million in additional proceeds after the prior debt was retired. The loan carries interest-only payments for the 10-year term.
UMH operates 145 manufactured home communities with approximately 27,100 developed lots across 12 U.S. states, alongside 11,200 rental homes and over 1,000 individual storage units. The company also holds joint-venture interests in two Florida communities totaling 363 lots and one Pennsylvania community with 113 lots, in partnership with Nuveen Real Estate.
Current occupancy at the refinanced New Jersey property stands at 95%, up from 69% when UMH acquired the community in 2014. The company plans to deploy the additional proceeds toward acquisitions, expansions, rental-home additions and paying down higher-interest short-term debt, according to President and CEO Samuel A. Landy.
UMH Properties is listed on the New York Stock Exchange and the Tel Aviv Stock Exchange under the ticker UMH.
