Source: Preferred Apartment Communities / #Apartments #Multifamily
ORLANDO, FL - Preferred Apartment Communities announced the acquisition of a newly constructed 346-unit Class A multifamily community in Orlando, Florida called Citilakes Lux Apartments.
"The Citilakes transaction reflects our continued focus on acquiring newly constructed Class A multifamily communities in strong submarkets, reinforcing our efforts to have the youngest multifamily portfolio in our industry," said Leonard A. Silverstein, PAC's President and Chief Operating Officer.
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a first mortgage loan from KeyBank National Association, who intends to assign the loan to Freddie Mac within 60 days.
The first mortgage loan is $44.45 million, bears interest at a floating rate equal to 30-Day LIBOR plus 2.17% per annum, or currently approximately 2.37%, matures April 1, 2023 and amortizes based on a 30-year schedule. In addition, we have purchased an interest rate cap on 30-Day LIBOR at 4.33% for five years.
Preferred Apartment Communities acquires and operates multifamily properties in select targeted markets throughout the United States.