UMH PROPERTIES, INC. SECURES NEW FANNIE MAE MORTGAGE
UMH Properties secured a new $10.2 million Fannie Mae mortgage at 6.03% fixed rate for a 267-site community through Wells Fargo. After paying off a $2.8 million existing mortgage, the company generated $7.4 million in additional proceeds to deploy toward acquisitions, expansions, rental homes, and debt repayment. The community has been improved from 69% to 95% occupancy since acquisition in 2014.