FREEHOLD, N.J., April 29 /PRNewswire-FirstCall/ -- UMH Properties, Inc.
(Amex: UMH) announced that on April 28, 2008, it has closed on a revolving
line of credit with Sun National Bank with a maximum availability of
$10,000,000. This revolving line of credit has a maturity date of April 1,
2011 and is secured by the Company's eligible notes receivables. Interest
under this new line is at the prime rate which is currently 5.25%.
Samuel A. Landy, President, stated, "We are very pleased with this new
line of credit and believe that it is the beginning of a long and mutually
beneficial relationship with Sun National Bank. This new financing gives us
additional flexibility in servicing our customers."
UMH Properties, Inc., a publicly-owned real estate investment trust, owns
and operates twenty-eight manufactured home communities located in New Jersey,
New York, Pennsylvania, Ohio and Tennessee. In addition, the Company owns a
portfolio of REIT securities.
SOURCE UMH Properties, Inc.
Contact: Rosemarie Faccone or Susan Jordan, +1-732-577-9997, both of UMH Properties, Inc.