Market Overview

Sun Communities Acquires 31 Properties for $552.4M


Sun Communities, Inc. (NYSE: SUI) (the "Company") today announced that it has closed the first portion of its previously-announced acquisition of manufactured housing communities from Green Courte Partners, LLC ("GCP") sponsored funds. In the initial closing, the Company acquired 31 communities (and the associated manufactured homes and notes receivable) for aggregate consideration of $552.4 million, consisting of the assumption of $263.6  million of debt, the payment of $220.6 million in cash, the issuance of $40.9 million in a combination of the Company's common stock and common OP units of the Company's subsidiary Sun Communities Operating Limited Partnership ("SCOLP"), and the issuance of $27.3 million in a combination of the Company's newly-created 6.50% Series A-4 Cumulative Convertible Preferred Stock and SCOLP's Series A-4 preferred OP units.  Immediately after the closing, the Company refinanced approximately $100.7 million of the mortgage debt on 12 of the communities. Proceeds from the financing were $152.5 million at an interest rate of 4.03% per annum and a term of 10 years. Sun expects to acquire the remaining

See full press release

Posted-In: News M&A Press Releases


Related Articles (SUI)

View Comments and Join the Discussion!