Manufactured Housing Properties Inc. Refinances 42

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