REBusinessOnline

UMH RECEIVES $11.4M LOAN TO REFINANCE TWO MANUFACTURED HOME COMMUNITIES

OHIO — UMH Properties has received an $11.4 million mortgage loan from Bank of America to refinance two manufactured home communities in Ohio and Tennessee. The loan includes a fixed interest rate of 4.4 percent with monthly principal payments of about $26,000. The maturity date is Feb. 1, 2017, but may be extended for an additional two years at an interest rate of LIBOR plus 3.3 percent.

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