MHProNews has learned from NASDAQ that Sun Communities, Inc. has closed on the $256.2 million deal for seven manufactured home communities comprised of 3,130 homesites, and 60 percent of which are age-restricted communities. Ninety-six percent of the sites are occupied, and there are 380 additional sites that could be developed.

The transaction includes Sun’s assuming $157.3 million debt, the payment of $42.2 million cash, $22.7 million in common OP Units of Sun Communities Operating Limited Partnership (SCOLP), and $34.0 million in newly-created Series C preferred OP units in SCOLP.

According to a story MHProNews published Dec. 5, 2014, the communities are all in the Orlando, Florida area. Sun is a publicly-traded real estate investment trust (REIT) that now owns and operates a portfolio of 249 communities comprised of 92,500 developed homesites. ##

(Image credit: Sun Communities, Inc.)

   Article submitted by Matthew J. Silver to Daily Business News-MHProNews.