{"id":1004483488,"date":"2020-10-08T05:07:17","date_gmt":"2020-10-08T13:07:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004483488"},"modified":"2025-02-19T03:51:57","modified_gmt":"2025-02-19T11:51:57","slug":"umh-properties-secures-new-revolving-credit-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/","title":{"rendered":"UMH Properties Secures New Revolving Credit Facility"},"content":{"rendered":"
\"\"<\/a>

Valley View Ephrata I & II. Image via Google Street View<\/em><\/p><\/div>\n

UMH Properties has entered into a revolving line credit facility with FirstBank, allowing for proceeds of $20 million and expandable to $30 million with an accordion feature. The financing agreement is secured by rental homes and rental home leases in a number of the REIT\u2019s manufactured housing communities and has a three-year term.<\/p>\n

Rental manufactured homes are a viable solution to the rural affordability housing crisis. According to Samuel Landy, president & CEO of UMH Properties, residents can live in 1,000-square-foot, three-bedroom homes on 5,000-square-foot lots with individual driveway and no common wall neighbors for as low as $750 per month. Landy added that the REIT managed to reach 95 percent rental occupancy and 98 percent rent collection since the COVID-19 outbreak.    <\/p>\n

UMH Properties\u2019 portfolio totals 23,400 developed homesites in 124 manufactured housing communities located in Indiana, Michigan, Maryland, New Jersey, New York, Ohio, Pennsylvania and Tennessee. Recently, the company spent $4.5 million for Lake Erie Estates<\/a>, a 163-sites property in Fredonia, N.Y.<\/p>\n","protected":false},"excerpt":{"rendered":"

The $20 million financing agreement is expandable to $30 million and has a three-year term.<\/p>\n","protected":false},"author":748,"featured_media":1004483491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,23891,21742],"tags":[49513,49891],"class_list":["post-1004483488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-national","category-latest","tag-manufactured-housing","tag-umh-properties"],"acf":[],"yoast_head":"\nUMH Properties Secures New Revolving Credit Facility - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UMH Properties Secures New Revolving Credit Facility\" \/>\n<meta property=\"og:description\" content=\"The $20 million financing agreement is expandable to $30 million and has a three-year term.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-08T13:07:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T11:51:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Valley-View-Ephrata-I-e1602157271652.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1396\" \/>\n\t<meta property=\"og:image:height\" content=\"1048\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucia Morosanu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/\",\"name\":\"UMH Properties Secures New Revolving Credit Facility - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Valley-View-Ephrata-I-e1602157271652.jpg\",\"datePublished\":\"2020-10-08T13:07:17+00:00\",\"dateModified\":\"2025-02-19T11:51:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1077c2cf363c47bc75d1ab4c42b53bb5\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/umh-properties-secures-new-revolving-credit-facility\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Valley-View-Ephrata-I-e1602157271652.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Valley-View-Ephrata-I-e1602157271652.jpg\",\"width\":1396,\"height\":1048,\"caption\":\"Valley View Ephrata I & II. 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