Nov. 21, 2017 – Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the acquisition of a 180-unit Class A multifamily community in Tampa, Florida constructed in 2016 called Overlook at Crosstown Walk. “We acquired this property using our previously negotiated purchase option discount, which further demonstrates the success of our unique real estate loan investment program,” said Daniel M. DuPree, the Vice-Chairman and Chief Investment Officer for PAC. Mr. DuPree added, “We are thrilled to add Overlook at Crosstown Walk to our existing asset Crosstown Walk and is the second and final phase of the Crosstown Walk multifamily community.”
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Fannie Mae originated by Berkadia Commercial. The first mortgage loan is approximately $22.2 million, bears interest at a fixed rate of 3.95% per annum, has a seven-year term and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.