UMH - UMH Properties completes adding 2 tranches to Fannie Mae credit facility
- UMH Properties ( NYSE: UMH ) has completed the addition of two tranches to its Fannie Mae credit facility through Wells Fargo Bank for ~$34M.
- The tranches, with an interest of 5.24%, have a loan term of 10 years.
- One tranche consists of four communities and the other consists of ~250 homes located in those communities. The community tranche amortizes over 30 years and the home tranche amortizes over 17 years.
- The company said the proceeds will be used to invest in additional acquisitions, expansions, rental homes and other general corporate purposes.
- UMH shares were trading -0.93% pre-market.
- Source: Press Release
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UMH Properties completes adding 2 tranches to Fannie Mae credit facility