CHARLOTTE, NC - Preferred Apartment Communities announced that it closed on an aggregate loan investment of up to approximately $17.7 million. This investment is in connection with Oxford Properties plans to develop a 338-unit Class A multifamily community located in Charlotte, North Carolina.
Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market.
"We continue to originate real estate loan investments that provide both attractive current returns and the opportunity to acquire outstanding properties at a discount to stabilized value," said John A. Williams, the Company's Chief Executive Officer.
Mr. Williams added, "This site is in a great sub-market of Charlotte and is a part of a transit oriented development (TOD) directly across from the blue line light rail extension."
Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of its business strategy, they enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.