UMH PROPERTIES, INC. ANNOUNCES COMMUNITY AND RENTAL HOME ADDITIONS TO FANNIE MAE CREDIT FACILITY

Rhea-AI Summary

UMH Properties has successfully completed two tranches to its Fannie Mae credit facility through Wells Fargo Bank, totaling approximately $34 million. The Community Tranche includes four communities, while the Home Tranche encompasses about 250 homes. Both tranches have a 10-year loan term, with interest fixed at 5.24%. Proceeds will be utilized for acquisitions, expansions, rental homes, and general corporate purposes, enhancing shareholder value and affordable housing availability.

Positive

• Successfully added $34 million to credit facility through Fannie Mae.
• Fixed interest rate of 5.24% for both tranches.
• Proceeds will support acquisitions and expansion, potentially increasing shareholder value.

Negative

• None.

FREEHOLD, NJ, Sept. 26, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) today announced that it recently completed the addition of two tranches to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $34 million. One tranche consists of four communities (the “Community Tranche”) and the other tranche consists of approximately 250 homes located in those communities (the “Home Tranche). Both tranches have a loan term of 10 years with the Community Tranche amortizing over 30 years and the Home Tranche amortizing over 17 years. Interest is at a fixed rate of 5.24%. The proceeds will be used to invest in additional acquisitions, expansions, rental homes and other general corporate purposes, further enhancing our ability to increase shareholder value and provide quality affordable housing in the markets that we serve.

Samuel A. Landy, President and Chief Executive Officer commented, "We are proud to announce our community and rental home additions to our Fannie Mae credit facility. We are grateful for our relationship with Wells Fargo and Fannie Mae and look forward to continue working together to provide affordable housing to the Nation.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 132 manufactured home communities with approximately 25,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, and South Carolina. UMH also has an ownership interest in and operates one community in Florida, containing 219 sites, through its joint venture with Nuveen Real Estate.

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Contact: Nelli Madden
732-577-9997

FAQ

What did UMH Properties announce on September 26, 2022?

UMH Properties announced the completion of two tranches to its Fannie Mae credit facility, totaling approximately $34 million.

What is the interest rate on the new Fannie Mae credit facility for UMH?

The interest rate on the new Fannie Mae credit facility is fixed at 5.24%.

How will UMH Properties use the proceeds from the new credit facility?

The proceeds will be used for acquisitions, expansions, rental homes, and other general corporate purposes.

What is the loan term for the new tranches added by UMH Properties?

Both tranches consist of a loan term of 10 years.

Which company provided the credit facility to UMH Properties?

The credit facility was provided by Wells Fargo Bank, N.A.