TAMPA, FL - Preferred Apartment Communities announced the acquisition of the Lodge at Hidden River, a 300-unit Class A multifamily community in Tampa, Florida constructed in 2017.
"We acquired this newly constructed property through a real estate loan investment PAC made to construct the property over two years ago," said Jeff Sherman, Executive Vice President and Director of Multifamily Investments for PAC.
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from The Prudential Insurance Company of America. The first mortgage loan is approximately $41.7 million, bears interest at a fixed rate of 4.32% per annum, matures in October 2028 and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.
Mr. Sherman added, "We are excited to expand our portfolio in Tampa, which is a market that continues to show strong macro fundamentals. The Lodge at Hidden River not only has high-end finishes and an expansive amenity package, but stands apart from its competition with its preservation of natural wooded greenspace throughout the community."
Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select target markets throughout the United States. As part of their business strategy, they may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and 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.