ORLANDO, FL - Preferred Apartment Communities announced the acquisition of a 528-unit Class A multifamily community in Orlando, FL constructed in 2008 known as The Village at Baldwin Park.
"We believe Baldwin Park is an excellent opportunity to implement our value-add program in the Main Street subsidiary. The Baldwin Park submarket is one of the strongest in Orlando. We look forward to complimenting this growing segment of our company with more acquisitions in the near future," said John A. Isakson, PAC's Chief Capital Officer and CEO of the Main Street Apartment Homes subsidiary.
Main Street acquired this community through a wholly-owned subsidiary and financed the acquisition with a mortgage loan package from Prudential Capital Corporation. The loan package is approximately $77.8 million, bears interest at a blended floating rate of 2.30% over 30 Day LIBOR annually, matures in January of 2019 and is an interest only loan. Upon completion of the value add program, Main Street plans to refinance the asset with a long term mortgage insured by HUD.
Preferred Apartment Communities acquires and operates multifamily properties in select targeted markets throughout the United States and enters into forward purchase contracts or purchase options for to-be-built multifamily communities.
Source: Preferred Apartment Communities / #Apartments #Multifamily