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Preferred Apartment Communities, Inc. Announces Real Estate Loan Investment in Jacksonville, Florida Multifamily Development

Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that on October 14, 2021 it closed on a real estate loan investment of up to approximately $16.6 million in connection with Catalyst Development Partners’ plans to develop Menlo II, a 337-unit, mid-rise, surface parked, Class A multifamily community located in Jacksonville, Florida. Delivery of first units is expected in Spring 2023. The real estate loan investment has an outside maturity date in April 2027, co-terminus with the construction loan.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211018005986/en/

The Menlo - Jacksonville, FL (Photo: Business Wire)

The Menlo - Jacksonville, FL (Photo: Business Wire)

Jeff Sherman, the Company's President of Multifamily said, “Our investment in this development follows the recent success of Menlo, which we capitalized with a real estate loan investment in 2018, and later acquired in 2020.” Mr. Sherman continued, “This ‘sister’ property will not only benefit from the same strategic locale in the master planned eTown community, but also from its location immediately adjacent to a newly approved Publix anchored shopping center expected to open in early 2023.”

John Isakson, PAC’s Chief Financial Officer added, “Our real estate loan investment program continues to be an accretive investment strategy and a consistent pipeline of multifamily product for our acquisition platform. Our team has developed a broad base of well-respected borrowers who continue to bring us quality transactions. The pipeline of transactions should provide us with a range of opportunities to backfill the deals that are paying off and grow the book further as we move into 2022.”

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating multifamily real estate loans. As of September 30, 2021, the Company owned or was invested in 107 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.

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Nachrichtenquelle: Business Wire (engl.)
18.10.2021, 22:43  |  101   |   |   

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Preferred Apartment Communities, Inc. Announces Real Estate Loan Investment in Jacksonville, Florida Multifamily Development Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that on October 14, 2021 it closed on a real estate loan investment of up to approximately $16.6 million in connection with Catalyst Development Partners’ …

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