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UMH Properties Secures $10.2M Fannie Mae Mortgage Through Wells Fargo

UMH Properties logoUMH Properties
Sig2.66Sen+5.32Env0.00Soc+1.73Gov+0.55
Fannie Mae logoFannie Mae
Sig1.97Sen+1.60Env0.00Soc+0.35Gov+0.15
Wells Fargo logoWells Fargo
Sig2.65Sen+2.05Env0.00Soc+1.20Gov0.00

UMH Properties, Inc. secured a new Fannie Mae interest-only mortgage through Wells Fargo Bank, N.A. with a fixed 6.03% rate and 10-year term for a community with 267 sites, with total proceeds of about $10.2 million. Earlier, UMH paid off an existing $2.8 million mortgage, generating $7.4 million, and plans to use proceeds for acquisitions, expansions, rental homes, and short-term repayment of higher-rate debt.

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