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PAC Expands Local Holdings, Buys Green Park Apts. in Suburban Atlanta

Acquisition Funded by Real Estate Loan Investment Made +3 Years Ago
March 1, 2018
Through its real estate loan investment program, Preferred Apartment Communities (NYSE: APTS) ("PAC") has acquired a 310-unit, garden-style apartment complex the company developed in 2016 in the northeast Atlanta suburb of Tucker, GA.

Leonard Silverstein, president and COO of PAC, noted that the purchase "came through a real estate loan investment that PAC made over three years ago, the proceeds of which were used to partially fund the development of Green Park." Silverstein added that the company's unique real estate loan investment program allows it to acquire off-market assets at a contractual discount, while "providing compelling returns during construction."

Green Park delivered in late 2016 at 2037 Weems Rd. in the Decatur/North Druid Hills Multifamily submarket. The unit mix consists of studio, one-, two- and three-bedroom apartments.

PAC bankrolled the purchase using a non-recourse loan financed by Allianz, and KeyBank National Association placed the loan for the company. The first mortgage loan totals approximately $39.75 million, with a fixed interest rate of 4.09 percent per annum. The loan also includes a 10-year term amortizes on a 30-year schedule.

For more information, please see CoStar COMP #4151192
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