UMH Properties, Inc. Announces New Mortgage Loan
FREEHOLD, N.J., Feb. 3, 2012 /PRNewswire/ -- UMH Properties, Inc. (NYSE Amex: UMH) today announced that it has entered into a new $11,400,000 mortgage loan with Bank of America, N.A. to refinance two manufactured home communities located in Tennessee and Ohio. This mortgage is at a fixed all-in rate of 4.39%, with monthly principal payments of $26,113. The maturity date is February 1, 2017 but may be extended for an additional two years at an interest rate of LIBOR plus 3.25%.
Samuel A. Landy , President, stated, "We are very pleased with this new financing and look forward to continuing our long and mutually beneficial relationship with Bank of America."
UMH Properties, Inc., a publicly owned REIT, owns and operates forty-one manufactured home communities with approximately 9,000 total home sites located in Indiana, New Jersey, New York, Ohio, Pennsylvania, and Tennessee. In addition, the Company owns a portfolio of REIT securities.
SOURCE UMH Properties, Inc.
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