FREEHOLD, N.J., Nov. 24 /PRNewswire-FirstCall/ -- United Mobile Homes,
Inc. (Amex: UMH) is pleased to announce that the Company has obtained a
$15,000,000 mortgage loan with Bank of America, N.A. This loan is secured by
four properties and is for a five-year term at an effective interest rate of
5.82%. This loan replaces an existing 7.5% loan with a current balance of
approximately $7.7 million due December 1, 2005.
Samuel A. Landy, President, stated, "This loan bolsters our financial
position and will be used to repay existing debt, to pursue growth
opportunities through acquisitions and expansions, and for other corporate
purposes. We are very happy to continue our long term relationship with Bank
of America and its predecessor banks."
United Mobile Homes, Inc., a publicly-owned real estate investment trust,
owns and operates twenty-seven manufactured home communities located in New
Jersey, New York, Pennsylvania, Ohio and Tennessee. In addition, the Company
owns a portfolio of REIT securities.
SOURCE United Mobile Homes, Inc.
-0- 11/24/2004
/CONTACT: Rosemarie Faccone or Susan Jordan, United Mobile Homes,
+1-732-577-9997/
(UMH)
CO: United Mobile Homes, Inc.; Bank of America, N.A.
ST: New Jersey
IN: RLT FIN
SU:
MR
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1978 11/24/200412:45 ESThttp://www.prnewswire.com