Preferred Apartment Communities, Inc. (“PAC” or the “Company”) has announced that on April 23, 2020 it closed a first mortgage loan with Nationwide on Altis Wiregrass Ranch, a newly-constructed 392-unit Class A multifamily community located in Tampa, Florida.
PAC financed Altis Wiregrass Ranch utilizing a non-recourse first mortgage loan bearing interest at a fixed rate of 2.90% per annum for a 10-year term that amortizes based on a 30-year schedule.
There are no loan guaranties provided by PAC or its operating partnership. The Company referenced this loan commitment in its April 1, 2020 press release announcing the acquisition of Altis Wiregrass Ranch.
John Isakson, Chief Financial Officer of PAC said, “This loan was committed before the COVID-19 pandemic took hold and Nationwide has been a great partner and lender and closed on the terms originally agreed to. This asset has performed well to date and we expect it to be a great asset for our portfolio long term.”