Flagship Communities Real Estate Investment Trust to Obtain $30 Million Loans

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TORONTO, Aug. 10, 2021 /CNW/ - Flagship Communities Real Estate Investment Trust (TSX: MHC.U) ("Flagship REIT" or the "REIT") today announced that it has signed a commitment for two loans in the amount of $29.7 million with a 3.08% fixed interest rate for 20 years. The loans have an interest-only period for the first 84 months and will be amortized over 30 years. The loans will be used to help the REIT finance future acquisitions and for general business purposes.

"The ability to commit to these loans on favorable terms is a tremendous sign of confidence in us as operators as well as the MHC industry," said Kurt Keeney, President and Chief Executive Officer. "We are grateful and appreciative for the support from all of our stakeholders and look forward to advancing our business objectives and being the operator of choice in the MHC industry."  

About Flagship Communities Real Estate Investment Trust

Flagship Communities Real Estate Investment Trust is a newly-created, internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate a portfolio of income-producing manufactured housing communities located in Kentucky, Indiana, Ohio, Tennessee, Arkansas and Missouri; including a fleet of manufactured homes for lease to residents of such housing communities.

SOURCE Flagship Communities Real Estate Investment Trust