Skip to main content

Manufactured Housing Properties Inc. Refinances 42 Communities With Fnma and Adds Three Communities to Its Portfolio

Written by Customer Service on . Posted in Public Companies.

Charlotte, North Carolina, Oct. 10, 2022 (GLOBE NEWSWIRE) — Today, Manufactured Housing Properties Inc. (OTC: MHPC) announces the refinancing of 42 communities with Fannie Mae (“FNMA”) through KeyBank, Inc., as well as the addition of three communities to its portfolio.

The non-recourse, FNMA refinance provided long-term financing of $62 million over a ten-year term and paid off approximately twenty-two bank loans with various lenders. The first five years of debt service payments are interest-only at a rate of 4.87% and the refinance provides $4 million reserved for capital expenditures to improve the communities. The refinance encompassed 81% of MHP’s portfolio located in North Carolina, South Carolina, Georgia, and Tennessee.

Three manufactured housing communities were acquired at the end of September consisting of 122 lots and 39 homes, situated on approximately 74 acres located in Statesville, Thomasville, and Trinity, North Carolina.  The three communities expand the company’s presence near the Charlotte and Greensboro metropolitan areas. MHP has acquired nine communities in 2022 to date.

MHP now owns and operates 52 manufactured housing communities totaling 2,472 lots.

Contact:

Jay Wardlaw
President
(980) 273-1702 ext. 244

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.