See more news releases in: Banking & Financial Services, Real Estate, Commercial Real Estate, Residential Real Estate, Financing Agreements
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.
Back to top
Custom Packages
Browse our custom packages or build your own to meet your unique communications needs.
PR Newswire Membership
Fill out a PR Newswire membership form or contact us at (888) 776-0942.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.
Featured Video
More in These Categories
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Free Investing Newsletter from Investor Uprising!
Learn to navigate the world's financial system and profit from leading companies.
Register for Investor Uprising, the people's investment site, for a free weekly newsletter, information, education and premium research including our latest IU Confidential Report - "All That Glitters: The Ultimate Gold Report".