UMH Properties, Inc. Expands Its Existing Unsecured Revolving Credit Agreement
April 03, 2024 at 09:15 pm
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UMH Properties, Inc. announced that it has expanded its existing unsecured revolving credit facility (the Facility) from $180 million in available borrowings to $260 million in available borrowings. The Facility is syndicated with three banks, BMO Capital MarketsCorp. (BMO), JPMorgan Chase Bank, N.A. (JPMorgan) and Wells Fargo Bank, N.A. (Wells Fargo) as joint arrangers and joint book runners, with Bank of Montreal as administrative agent.
UMH Properties, Inc. is a real estate investment trust (REIT). The Companyâs primary business is the ownership and operation of manufactured home communities, leasing manufactured homesites to residents. The Company also leases manufactured homes to residents and, through its wholly owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (S&F), sells and finances the sale of manufactured homes to residents and prospective residents of its communities and for placement on customersâ privately owned land. The Company owns and operates 135 manufactured home communities, including two communities acquired through the Companyâs opportunity zone fund, containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama, South Carolina and Georgia. In connection with the operation of its communities, the Company also leases homes to prospective tenants.
UMH PROPERTIES, INC. 
