FREEHOLD, N.J., Feb. 3, 2012 /PRNewswire/ -- UMH Properties,
Inc. (NYSE Amex:UMH) today announced that it has entered into a new
$11,400,000 mortgage loan with Bank
of America, N.A. to refinance two manufactured home communities
located in Tennessee and
Ohio. This mortgage is at a fixed all-in rate of 4.39%, with
monthly principal payments of $26,113. The maturity date is February 1, 2017 but may be extended for an
additional two years at an interest rate of LIBOR plus 3.25%.
Samuel A. Landy, President,
stated, "We are very pleased with this new financing and look
forward to continuing our long and mutually beneficial relationship
with Bank of America."
UMH Properties, Inc., a publicly owned REIT, owns and operates
forty-one manufactured home communities with approximately 9,000
total home sites located in Indiana, New
Jersey, New York,
Ohio, Pennsylvania, and Tennessee. In
addition, the Company owns a portfolio of REIT securities.
SOURCE UMH Properties, Inc.