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Sunday Morning Weekly Recap Manufactured Housing Industry News, September 24 to October 1, 2017

October 1st, 2017 Comments off
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Featured image credit, MHProNews.

Tony, every week there is so much that happens, this [The Sunday Morning Headline News Recap] is an easy way for me to review the news, thank you for this [feature] and your team’s coverage of factory-built housing.

Our featured articles for September are available on the MHProNews.com home page.

FYI – and ICYMI if you aren’t already on our twice-weekly emailed headline news update, click here to sign up in seconds.

Thousands get our emails, and the open and click through rates – per MailChimp – blow away others in media and publishing.  The reason?  “Relevant!” said a regular on MHProNews.

To see the line-up of over 2-dozen featured articles for the month of September, along with the headline commentary, please click this link here.

Manufactured, modular and prefabricated home professionals know that how a home got to its location should not define a person or their dwelling.

What the Daily Business News spotlights day-by-day are the tragedies, triumphs and struggles for acceptance of the obvious solution for millions for the growing affordable housing crisis in the U.S. and beyond.

When you read the lineup for the month found on the home page, you can reflect on another motto as you chart your own professional path ahead: “We Provide, You Decide.”  ©

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100K on Employee Housing – When Tiny Homes Attack

May 17th, 2017 Comments off
ResortsTurntoAlternativeHousingforEmployeesWrongChoicecreditTheGazette2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Are $100k “tiny homes” really an affordable solution for employees in one of the most expensive markets in the country? Credit: The Gazette.

In many parts of Colorado, housing is expensive. When it comes to ski resorts like Aspen Snowmass, it can be downright unaffordable.

According to the Gazette, the ski resort is working to solve that problem in one of the most expensive communities in the nation, by utilizing “tiny homes” that employees can rent. Their experiment began last winter, when resort owner Aspen Skiing Co. installed six, 500-square-foot manufactured homes at a company-owned campground last winter.

Company officials say that the plan worked out so well, that they’ve ordered another 34 homes.

Aspen Skiing Co. originally purchased the campground in 2008 to help supply employee housing, and long term tenants currently pay $750 per month to stay there.

That is, until September 1st. The company informed residents earlier this month that they would need to vacate.

Having to leave the campground will likely disrupt your life in a significant way. We sincerely regret this,” the company wrote in a letter to residents.

Unfortunately, Aspen Skiing Co.’s housing needs, combined with the valley-wide employee-housing crisis, demand this course of action.”

ResortsTurntoAlternativeHousingforEmployeesWrongChoicecreditTheGazette3-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: The Gazette.

The company says that it originally gave long-term residents notice in September 2015 that they would need to move by the following May, but a change of plans to convert the campground to an RV Park stopped the effort. Now, it’s in full swing, with incentives.

Residents who leave by June 30th are set to receive a $3,000 incentive, while those who leave by the end of July will receive $2,000. For those who choose to stay until the end of August, they will receive only $1,000.

The sooner a space is vacant, the sooner we can do site-specific work to prepare for the arrival of more trailer coaches,” the company’s letter said.

Aspen Skiing Co. says that it is buying the tiny homes from a manufacturer for $100,000 apiece.

 

When Reality Rears Its Ugly Head

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While “tiny homes” may be all the rage, more and more people are finding that the real value is in a tried and true model.

Unlike tiny homes, which are still struggling with state and local regulations, buyers of manufactured homes generally avoid building code and zoning issues. In Washington State, a law passed in 2005 prevents cities from discriminating against manufactured homes, which has helped to break stereotypes.

Manufactured homes are built to a national code that ensures homes meet basic structural, safety and energy standards,” said Craig Sedlacek, the program manager for the Factory Assembled Structures program at the Washington State Department of Labor & Industries. The organization conducts building inspections for manufactured homes.

There’s no real definition for a tiny home. It might be built to a local code, a recreational vehicle (RV) code or no code at all. It’s important for buyers to understand what standards a home is built to before they buy it.”

For more on the progress in Washington State, click here.

MHProNews and MHLivingNews have covered the “tiny home” movement extensively, including the potential for big legal trouble for owners and a detailed side-by-side comparison with manufactured homes, highlighting function and value versus fashion. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

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

 

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Manufactured Homes Knock Tiny Homes Down to Size

April 13th, 2017 Comments off
ManufacturedHomesKnockTinyHomesDowntoSizecreditStanwoodCamanoNews-postedtothedailybusinessnewsmhpronewsmhlivingnews

Kerstin Gillespie’s manufactured home. Credit: Stanwood Camano News.

While “tiny homes” may be all the rage, more and more people are finding that the real value is in a tried and true model.

According to the Northwest Housing Association (NHA) in Olympia, Washington, more and more people who look at tiny homes as an option have discovered manufactured housing not only offers affordability, but also meets meeting zoning, building and life safety standards that many tiny homes do not.

My home is really cute,” said Kerstin Gillespie of Allyn, Washington. She purchased a 586-square-foot manufactured home, placing it on family land to live in while she attends graduate school in nearby Tacoma.

Inside it has 9-foot ceilings, lots of windows and lots of light. I went with a manufactured home because I’d had a good experience buying one before and knew I could move in quickly and get more home for the money.”

Gillespie was able to customize her home, an option that often gets lost among the stereotypes surrounding “mobile homes” or “trailer parks.” HUD Code homes must be at least 400 square feet. The houses compete favorably with the cost of tiny homes; their lower price reflects the efficiencies of being factory built.

Per Stanwood Camano News, unlike tiny homes, which are still struggling with state and local regulations, buyers of manufactured homes generally avoid building code and zoning issues in Washington State, as it passed a law in 2005 preventing cities from discriminating against these manufactured homes.

ManufacturedHousingHighlyEffectiveUrbanInfillcreditCandysDirt-postedtothedailybusinessnewsmhpronewsmhlivingnews

The inside of a Fourleaf Properties manufactured home in Dallas, Texas. Credit: Candy’s Dirt.

Manufactured homes are built to a national code that ensures homes meet basic structural, safety and energy standards,” said Craig Sedlacek, the program manager for the Factory Assembled Structures program at the Washington State Department of Labor & Industries. The organization conducts building inspections for manufactured homes.

There’s no real definition for a tiny home. It might be built to a local code, a recreational vehicle (RV) code or no code at all. It’s important for buyers to understand what standards a home is built to before they buy it.”

Sedlacek also points out that the standards cover important questions about where a home can be located and whether it meets health and safety standards.

One big trend we are seeing is an increased demand for smaller, well-designed floor plans,” said Kevin McShane, sales manager for the Fleetwood Homes plant in Oregon.

The tiny home term is used a lot, but we find that homes under 300 square feet are too small for most people. Floor plans with 500 to 1,000 square feet of living space are now about a third of our business and growing.”

TinyHouseManufacturedHomeComparison-postedManufacturedHomeLivingNews-600x310a

MHProNews and MHLivingNews have covered the “tiny home” movement extensively, including the potential for big legal trouble for owners and a detailed side-by-side comparison with manufactured homes, highlighting function and value versus fashion.

 

(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.

LCI Industries Reports Q4, Year End Earnings

February 9th, 2017 Comments off
LCIIndustriesReportsQ4YearEndEarningscreditInvestorsLCI-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: LCI, Investors.

LCI Industries (NYSE: LCII), formerly Drew Industries, reported earnings for Q4 2016 and year-end today.

Consolidated net sales in the fourth quarter of 2016 were $403 million, 21 percent higher than Q4 2015 net sales of $334 million. Net income was $26.3 million, or $1.05 per diluted share, for the fourth quarter ended December 31, 2016, compared to net income of $16.1 million, or $0.65 per diluted share, for the fourth quarter ended December 31, 2015.

According to LCI, the increase in year-over-year net sales reflects industry-wide growth in wholesale shipments of towable and motorized RVs by OEMs, which increased 20 percent and 16 percent, respectively, in the fourth quarter of 2016, enhanced by acquisitions completed in 2016, which added $17 million in net sales in the fourth quarter of 2016.

LCIIndustriesReportsQ4YearEndEarningscreditLCI-JasonLippert-postedtothedailybusinessnewsmhpronewsmhlivingnews

Jason Lippert. Credit: LCI Industries.

2016 RV industry volume out-paced 2015 each quarter, as 2016 fourth quarter wholesale travel trailers were up nearly 24 percent and fifth-wheels were up over ten percent, said CEO Jason Lippert.

 

For January 2017, LCI consolidated net sales reached approximately $149 million, 18 percent higher than January 2016.

As the industry prepares to meet the anticipated demand of the 2017 spring and summer selling seasons, I am encouraged by January sales following up on a strong fourth quarter,” said Lippert.

Our operating profit in the fourth quarter of 2016 improved to $40.6 million, compared to $23.6 million in the fourth quarter of 2015,” said LCI President Scott Mereness.

LCIIndustriesReportsQ4YearEndEarningscreditLCI-ScottMerenesspostedtothedailybusinessnewsmhpronewsmhlivingnews

Scott Mereness. Credit: LCI Industries.

Strong industry growth, lower costs for certain key commodities, accretive acquisitions completed over 2016 and a focus on cost management, lean initiatives and other operational efficiencies, all contributed to profit improvement for the quarter.

Consolidated net sales for the year ended December 31, 2016 increased to $1.7 billion, 20 percent higher than the net sales for the year ended December 31, 2015 of $1.4 billion.

Acquisitions completed by LCI in 2016 added $64 million in net sales in 2016. Net income for the full-year 2016 increased to $129.7 million, or $5.20 per diluted share, up from net income of $74.3 million, or $3.02 per diluted share, in 2015.

LCIIndustriesReportsQ4YearEndEarningscreditLCI1-postedtothedailybusinessnewsmhpronewsmhlivingnews

 

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LCI Acquires Sessa Klein

LCI also announced its has reached an agreement in principle to acquire Sessa Klein S.p.A., a Varese, Italy-based manufacturer of highly engineered side window systems for both high speed and commuter trains for approximately €7.9 million (US$8.5 million). Sessa Klein’s sales for 2016 were approximately €10 million (US$11 million).

LCIIndustriesReportsQ4YearEndEarningscreditSessaKlein-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Sessa Klein.

Sessa Klein has an excellent management team, and a great reputation in the international rolling stock industry for the sophisticated engineering and design of their window products,” said LCI President Scott Mereness.

In 2016, we acquired Florence, Italy-based Project 2000 S.r.L., a manufacturer of motorized entry steps, bed lifts and RV accessories, as a foundation for LCI in the European RV market. We believe the addition of Sessa Klein’s products and diversified customer base opens a door into a new adjacent market for LCI.

LCIIndustriesReportsQ4YearEndEarningscreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

LCI 1 year look. Credit: Bloomberg.

LCI supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and is one of the various manufactured housing industry-connected stocks monitored each business day on 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. ##

LCI Q4 2016 and Year End Results.

(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.

Tough Times for Tiny Home Builders

January 23rd, 2017 Comments off
ToughTimesforTinyHomeBuilderscreditDailyRecord-postedtothedailybusinessnewsmhpronewsmhlivingnews

A tiny home in progress. Credit: Daily Record.

While tiny homes may be all the rage in popular culture, local governments and regulations have made things tough in Washington State.

It hasn’t been easy to start a tiny house manufacturing business. There is a stigma against tiny houses from many local governments,” said Darin Tusler.

He helped start Union Gap-based Yakima Canyon Tiny Homes in December 2015.

According to the Daily Record News, the company has faced push back from counties classifying the homes as recreational vehicles and not permitting them for full-time occupancy, since they are built on trailers.

It’s still too new and so you can call two days in a row and get two different answers (from counties),” said Tusler.

Paul Billings, Tusler’s partner in Yakima Canyon Tiny Homes says that the homes are built to standards.

The homes technically are RVs, but are built to housing standards and beyond,” said Billings.

ToughTimesforTinyHomeBuildersDarrenTuslerPaulBillingscreditDailyRecord-postedtothedailybusinessnewsmhpronewsmhlivingnews

Darin Tusler and Paul Billings discuss progress inside of a home. Credit: Daily Record.

The homes have to travel down the road and so everything is screwed in for the most part and strapped down, it’s even stronger than you normally have in a home.

In Kittitas County, building official Mike Flory provided some clarity on the rules in his county.

It isn’t illegal to build a tiny house in the county, but there is a difference between a recreational vehicle and a home,” said Flory.

If you want a tiny house you can have one. I can show you how to get one under 200 square feet.

County ordinances state that a home has to have a foundation, a roof structure and meet size requirements of at least 70 square feet for bedrooms and bathrooms, which was reduced from 120 square feet in 2015.

ToughTimesforTinyHomeBuildersMikeFlorycreditLinkedIn-postedtothedailybusinessnewsmhpronewsmhlivingnews

Mike Flory. Credit: LinkedIn.

So the code is actually following the trend,” said Flory.

But, according to Flory, Billing’s comments about his tiny homes technically being RV’s create an issue.

A recreational vehicle, though, is not a house. Companies manufacturing tiny houses are building them on car trailers and calling them recreational vehicles, because if it was called a manufactured or modular home, it would need to be inspected and meet certain building code requirements that recreational vehicles don’t need to meet,” said Flory.

They’re building houses on something that was never designed to have a house on it.

Recreational vehicles are not meant for full-time occupancy.

Flory says that while some counties allow people to live in recreational vehicles, Kittitas County does not due to health concerns, with FEMA homes after Hurricane Katrina used as an example.

Flory also cited what ended up being a $170,000 misunderstanding.

After spending $70,000 on a tiny house, a man bought a piece of land, put in a sewage and water line and placed the tiny house on the lot–without getting the proper county permits.

It turned out that the tiny house did not meet county code, and wasn’t allowed. So the homeowner had to take the tiny house off of his lot and put in storage.

It cost him around $100,000.

That’s a hard pill to swallow it really is,” said Flory.

ToughTimesforTinyHomeBuildersPaulBillingscreditDailyRecord-postedtothedailybusinessnewsmhpronewsmhlivingnews

Paul Billings. Credit: Daily Record.

 

State Requirements

For Yakima Canyon Tiny Homes, the pain isn’t just limited to county ordinances.

In order for the company to manufacture tiny houses, it needs a license from the Washington State Department of Labor and Industries, has to be listed in the Yellow Pages, operates with regular full-time hours, have signage by the road and have a direct phone line.

In addition to those requirements, the annual cost of renewing the company’s manufacturing license is nearly $20,000 per year.

The company has yet to turn a profit.

It’s been a nightmare. Going through the state has sucked,” said Tusler.

The license from the state does allow the company to manufacture anything permissible by Labor and Industries, including manufactured homes. This means it could design a tiny house as a manufactured home. ##

(EDITOR’S Note: MHLivingNews has covered the “tiny home” movement extensively, including the potential for big legal trouble for owners and a detailed side-by-side comparison with manufactured homes, highlighting function and value versus fashion.)

(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.

Insider Action, Earnings Results at Patrick Industries

January 13th, 2017 Comments off
Patrick_Industries__elkharttruth__Emily_Pfund__credit postedDailyBusinessNewsMHProNews

Credit: Patrick Industries.

In a major move at Patrick Industries, Inc. (NASDAQ:PATK), CEO Todd Cleveland sold 10,000 shares of stock on January 6th.

At an average price of $80.16, the total value of the transaction was $801,600.00, per Sports Perspectives.

Post-sale, Cleveland now owns 344,998 shares in the company, valued at approximately $27.6 million.

During its most recent earnings call on October 27th, Patrick Industries reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76. The company had revenues of $304.20 million for the quarter, compared to the consensus estimate of $280.60 million.

The company had a net margin of 4.60 percent and a return on equity of 35.44 percent, with revenue for the quarter up 41.6 percent compared to the same period last year.

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Patrick Industries 1 year view. Credit: Bloomberg.

Overall, we’re pleased with our sales and earnings results for the first nine months of 2016 and optimistic about the continued growth as we head into the remainder of the year, both in the short and long-term as we continue to build on the momentum in the industries we serve,” said Cleveland.

The strategic acquisitions we made during 2015 and thus far in 2016 both increased our scale in existing markets and open the door into new markets within a North American footprint, which is now expanded to 16 states.

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Todd Cleveland. Credit: Patrick Industries.

Cleveland also commented on potential future activity.

Our pipeline continues to be full with acquisition opportunity across all three markets we serve including adjacent markets, and we have the capacity to continue to grow our business and bring new innovative product lines to existing customer base and the customers we’ve not yet reached,” said Cleveland.

In terms of our outlook for the remainder 2016 as we head into the fourth quarter, we expect to see similar seasonal demand patterns experienced in prior years,” Cleveland said.

“Our discipline execution goals, continue to be focused around taking care of the customer base with the highest quality products and customer service opening up capacity to plan our future growth, drive organizational strategic agenda and utilize our capital allocation strategy to strategically grow the business, additionally, our teams align to increase customer awareness of the breath the products we can provide, expand operations in targeted regional territories and drive shareholder value by generating improved operating income, net income earnings per share and free-cash flow.

As Daily Business News and MHProNews readers know, Patrick Industries is a leading manufacturer of building products and materials to the Recreational Vehicle and Manufactured Housing Industries in the United States.  The firm was founded in 1959.

For the most recent closing numbers on Patrick Industries and all MH industry-connected tracked stocks, please click here.  To read about a major award presented to the firm recently, 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.

City Controversy with Owner – RVs being denied in Manufactured Home Community

October 27th, 2016 Comments off
unrelatedwillistonplanningzoningcommissionmeetingcreditwillistonwire-postedtothedailybusinessnewsmhpronewsmhlivingnews

Unrelated Williston Planning and Zoning Commission meeting. Credit: Williston Wire.

Fearing another “crew camp” situation – one in which transient workers use parked RV’s for living – the Williston, North Dakota Planning and Zoning Commission denied two special use permits that would allow RV parking at Glen Villa and FM Parkway manufactured home communities, owned by Rick Carriger.

According to the Williston Herald, in 2012 the city banned RV parking with the purpose of living in the vehicle, although there are specific zoning designations that allow RVs with city approval.

Most RVs, as the name recreational vehicle implies, are not designed for full time living.

In the case of Glen Villa and FM Parkway, they are located within what is called an “R-5: Mobile Home and Park Zone.” Carriger had rented vacant spots to RV owners.

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Glen Villa. Credit: MHVillage.

We have an RV license from the state and we have for many years,” said Carriger. “The city chose not to honor that and that’s all I have to say about it.

The Herald reports that a complaint had generated an investigation by the city.

Although there were reports of no more than seven RVs, the sporadic placement among permanent manufactured housing drew concern that it could create a temporary workforce-housing situation.

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A home at FM Parkway. Credit: MHVillage.

Since the end of 2015, Williston has fought against “crew camps” within city jurisdiction, in an effort to shed its transient association and improve living situations for families that have made Williston their home.

I don’t think the city is wanting to open a can of worms,” said Williston city attorney, Jordon Evert.

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Jordon Evert. Credit: LinkedIn.

Carriger had filed an appeal after his request was denied. The issue came before the Williston City Commission on Oct. 11.

In exchange for dropping the appeal, city commissioners granted an extension to November 30th to remove the RV’s from both parks after speaking with management company representative Erica McDermott.

As manufactured home community owner/operators know, the merits and drawbacks of allowing RVs in manufactured home communities is controversial for many professionals. ##

(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.

Sun Communities To Announce Quarterly Results

April 22nd, 2016 Comments off

sun homes coming soon signSouthfield, Michigan-based Sun Communities, Inc. (NYSE:SUI) announces that it will release its first quarter financial results on Tue., April 26, 2016, before the market opens. That will be followed by a conference call at 11 A. M. eastern time to discuss the results, according to benchmarkmonitor. Sun closed down -1.68 percent at $67.21 in trading Thurs., April 21.

Sun owns a portfolio of 231 communities, of which 183 are manufactured home communities (MHC), comprised of 88,400 developed home sites. MHProNews reported March 22, 2016 that Sun acquired the 103 MHCs of Carefree Communities in a $1.68 billion transaction. That deal is set to close by July 9, 2016.

Subsequent to that announcement, Sun issued an underwritten public offering of 4,000,000 million shares of its common stock on March 23, 2016 to help pay for the acquisition.

If it goes through, it will make Sun the second largest REIT (real estate investment trust) in number of communities owned, right behind Equity LifeStyle Properties which owns 340 MH and RV communities. ##

(Image credit: Sun Communities, Inc.)

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

Sun Completes Transactions on Six Communities, Secures Line of Credit

August 20th, 2015 Comments off

sun communities as of 12-22-2012 owns palm creek golf and rv esort communityOn Aug. 19, 2015 Southfield, Michigan-based Sun Communities, Inc. completed its sale of three manufactured home communities (MHC) comprised of 900 home sites for $32.5 million. Two of the MHCs are in Ohio, the third is in Michigan, according to nasdaq.

On Aug. 13, 2015, Sun acquired a recreational vehicle (RV) resort with 391 sites in Crystal River, Florida, following the purchase of two RV communities in Maryland on July 31, 2015. One is an ocean front resort in Berlin, MD with 584 sites; the other, in Whaleyville, has 210 RV sites. MHProNews understands the three were acquired for $76.1 million cash.

Also on Aug. 19, Sun signed on to an unsecured credit facility of $450.0 million, comprised of a $392.0 million revolving loan and a term loan of $58.0 million with the potential for an additional borrowing of $300.0 million. The credit facility has a four-year term with two six month extension options, replacing a $350.0 million line of credit that was set to expire in May, 2017. At the company’s current leverage ratio, the initial margin will be 1.45 percent on the revolving loan and 1.40 percent on the term loan.

A real estate investment trust (REIT), Sun Communities, Inc. currently owns and operates a portfolio of 251 MHC and RV communities comprising approximately 93,350 developed sites. ##

(Photo credit: Sun Communities, Inc.)

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

3 New 2015 Board Members Elected to RV/MH Heritage Foundation

November 17th, 2014 Comments off

darryl-searer-credit=rv-mh-hall-of-fame-posted-ManufacturedHomeLivingNews-com-2At its recent RV/MH Heritage Foundation board meeting, Darryl Searer was re-elected treasurer and also elected chairman of the board.  Searer also serves as president.

In addition, the board elected three new members to the board of directors and also elected its executive committee, according to Searer, president.  (* Asterisk indicates members on the board’s executive committee.)

The new board members include:

* Ellen Kietzmann, Blue Ox, (RV)

* Betty Whittaker*, Secretary, Kentucky Mfg Housing (MH)

* Tom Walworth*, Statistical Surveys (RV)

The RV/MH Hall of Fame is just completing its most successful year in its history,” Searer said. “We welcome these new board members who will join the existing board in helping us meet the challenges as we move forward and take the Hall of Fame to even higher levels of success.”

For more details on this news release, please click here. ##

(Darryl Searer Photo credit: RV-MH Hall of Fame)

MH related Hall of Fame Stories –

http://manufacturedhomelivingnews.com/return-to-the-rvmh-hall-of-fame-to-see-the-new-manufactured-home-on-display-in-elkhart-indiana-us-destination/

http://manufacturedhomelivingnews.com/rv-mh-hall-of-fame-elkhart-in-us-destinations/