According to what 4-traders tells MHProNews, Sun Communities, Inc. has secured a $350 million revolving line of credit with the option for an additional $250 million. The secured loan has a four-year term but can be extended for an additional year. Interest on the loan is floating, and can range from 1.65% to 2.90%. The company’s current revolving $150 million line of credit which was scheduled to mature October 1, 2014 has been replaced with this new loan. Sun is a real estate investment trust (REIT) which owns and operates 184 communities comprised of 67,700 homesites.

(Photo credit: Sun Communities, Inc.)