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Posts Tagged ‘Federal Home Loan Mortgage Corporation’

UMH Properties Announces New Mortgage Loan

November 3rd, 2016 Comments off

umhlogo-on-gold-silver-background-shutterstock-posted-daily-business-news-mhpronews-UMH Properties, Inc. has successfully completed the $16.3 million refinancing of its Fairview Manor community through Wells Fargo Bank, N. A.

The loan, from the Federal Home Loan Mortgage Corporation (Freddie Mac), has a 10-year maturity with principal repayments based on a 30-year amortization schedule. Interest is set at 3.85 percent and the loan was used to repay an existing 5.875 percent mortgage and other inventory financing lines.

We are very pleased with our relationships with Wells Fargo Bank and Freddie Mac,” said UMH president and CEO Sam Landy.

sam-landy-ceo-umh-posted-manufactured-housing-industry-communities-retailing-postedDailyBusinessNews-MHProNews-

Sam Landy, UMH President and CEO. For A Cup of Coffee with…Sam Landy, click here or the photo above.

A Cup of Coffee with…Sam Landy, click here or the photo above.

We appreciate their continued support. Not only will this new loan save us approximately $350,000 annually on our interest expense, but it demonstrates the increasing value of our communities and the financial flexibility of our company, allowing us to further execute our long-term growth strategy.

As Daily Business News readers already know, UMH is a real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) in seven states east of the Mississippi, composed of 17,800 developed home sites. We recently covered UMH’s dividend announcement, and their Q2 2016 earnings report is here.

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Photo collage by MHLivingNews.com, to see the related report to the collage above, click on the image above.

UMH is one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

UMH Obtains $30M Freddie Mac Mortgage Loans

October 2nd, 2015 Comments off

umh communities creditMHProNews has learned from marketwatch that UMH Properties, Inc. (NYSE:UMH) has financed four manufactured home communities (MHCs) through Wells Fargo Bank, NA for a total of $30 million. These Federal Home Loan Mortgage Corporation (Freddie Mac) mortgage loans mature in 10 years with principal repayments based on 30-year amortization schedules. Interest is at a weighted-average fixed rate of 4.06%.

These funds were used to repay $16 million of existing mortgages and for general corporate purposes.

Samuel A. Landy, President and Chief Executive Officer commented, “We are very pleased with our relationships with Wells Fargo Bank and Freddie Mac. We appreciate their continued support. These new loans demonstrate the value of our communities and the financial flexibility of our company, allowing us to further execute our long-term growth strategy.

UMH Properties, Inc., is a public equity real estate investment trust (REIT) that owns and operates 95 MHCs comprised of 16,600 developed sites. ##

(Photo credit: UMH Communities, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

UMH Properties Continues its Acquisition of Land Lease Communities

August 20th, 2015 Comments off

umh_properties_creditFollowing a story MHProNews first learned about Aug. 7, 2015 when UMH Properties, Inc. released its earnings report for Q2, UMH has closed on the acquisition of three of six manufactured home communities, two in Ohio and one in Michigan, for $32.5 million. The three all-age communities contain 897 developed homesites set on 177 acres. Average occupancy is 69 percent, according to marketwatch.

UMH was able to secure financing for five of the six properties through Freddie Mac (Federal Home Loan Mortgage Corporation) for a total of $43.1 million. The mortgages have ten-year maturities with a weighted 4.1 percent interest rate.

Samuel A. Landy, president and CEO said, “These all-age communities are well located within our geographic footprint and, with an average occupancy rate of 69%, they have strong organic growth potential. By making necessary improvements, UMH has been successful at growing the occupancy rates at our recently acquired communities. We are seeing increased demand for high-quality affordable housing and we plan on providing this type of housing with these new acquisitions.

A public equity real estate investment trust (REIT), UMH now owns and operates 95 MHCs comprised of 16,600 developed homesites in seven states east of the Mississippi. ##

(Photo credit: UMH Properties, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.