On Aug. 13, 2015, Sun acquired a recreational vehicle (RV) resort with 391 sites in Crystal River, Florida, following the purchase of two RV communities in Maryland on July 31, 2015. One is an ocean front resort in Berlin, MD with 584 sites; the other, in Whaleyville, has 210 RV sites. MHProNews understands the three were acquired for $76.1 million cash.
Also on Aug. 19, Sun signed on to an unsecured credit facility of $450.0 million, comprised of a $392.0 million revolving loan and a term loan of $58.0 million with the potential for an additional borrowing of $300.0 million. The credit facility has a four-year term with two six month extension options, replacing a $350.0 million line of credit that was set to expire in May, 2017. At the company’s current leverage ratio, the initial margin will be 1.45 percent on the revolving loan and 1.40 percent on the term loan.
A real estate investment trust (REIT), Sun Communities, Inc. currently owns and operates a portfolio of 251 MHC and RV communities comprising approximately 93,350 developed sites. ##
(Photo credit: Sun Communities, Inc.)
