Source: Preferred Apartment Communities / #Apartments #Multifamily
PORT ARTHUR, TX - Preferred Apartment Communities announced the acquisition of a 246-unit Class A multifamily community in Port Arthur, Texas constructed in 2009 called Stone Creek Apartments.
"The Stone Creek acquisition marks our first transaction under the Main Street Apartment Homes strategy that we recently announced. We believe Stone Creek is a perfect first step for this strategy. The HUD debt is attractive and we believe the product quality is excellent. We look forward to complimenting this asset with more acquisitions in the near future" said John A. Isakson, PAC's Chief Capital Officer and CEO of the newly formed Main Street Apartment Homes subsidiary.
Main Street acquired this community through a wholly-owned subsidiary and financed the acquisition by assuming a first mortgage loan insured by the U.S. Department of Housing and Urban Development. The first mortgage loan is approximately $16.9 million, bears interest at a fixed rate of 3.75% annually, matures in October of 2044 and amortizes based on a 35-year schedule
Preferred Apartment Communities acquires and operates multifamily properties in select targeted markets throughout the United States.