Sun Communities, subsidiaries enter into $141.5 million of term loans

By Jennifer Chiou

New York, Jan. 7 - Sun Communities Operating LP, the primary operating subsidiary of Sun Communities, Inc., announced in an 8-K filing that it entered into a $72.4 million term loan with Bank of America NA. The filing added that nine of the company's subsidiaries entered into on Dec. 31 a $69.1 million term loan, also with Bank of America.

The loans accrue interest at the rate of 4.89% and 4.9% per year, respectively.

The borrowers will make monthly interest-only payments until Feb. 1, 2017. Thereafter, they will make principal and interest payments calculated based on a 30-year amortization period.

The term loans come due on Jan. 1, 2024.

The SEC filing stated that the loans are secured by, among other things, mortgages and assignments of leases and rents.

In other news, Sun Communities, Inc. increased the number of members of its board to eight from seven and appointed Brian M. Hermelin as a director.

Sun Communities is a Southfield, Mich.-based real estate investment trust.

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