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Charlotte, North Carolina, Oct. 10, 2022 (GLOBE NEWSWIRE) — (*42*), Manufactured Housing Properties Inc. (OTC: MHPC) pronounces the refinancing of 42 communities with Fannie Mae (“FNMA”) by way of KeyBank, Inc., in addition to the addition of three communities to its portfolio.
The non-recourse, FNMA refinance supplied long-term financing of $62 million over a ten-year time period and paid off roughly twenty-two financial institution loans with varied lenders. The first 5 years of debt service funds are interest-only at a fee of 4.87% and the refinance offers $4 million reserved for capital expenditures to enhance the communities. The refinance encompassed 81% of MHP’s portfolio positioned in North Carolina, South Carolina, Georgia, and Tennessee.
Three manufactured housing communities had been acquired on the finish of September consisting of 122 heaps and 39 houses, located on roughly 74 acres positioned in Statesville, Thomasville, and Trinity, North Carolina. The three communities develop the corporate’s presence close to the Charlotte and Greensboro metropolitan areas. MHP has acquired 9 communities in 2022 thus far.
MHP now owns and operates 52 manufactured housing communities totaling 2,472 heaps.
Contact:
Jay Wardlaw
President
(980) 273-1702 ext. 244
