Source: Preferred Apartment Communities / #Apartments #Multifamily
CHARLOTTE, NC - Preferred Apartment Communities announced that it closed on an aggregate loan investment of up to approximately $8 million in connection with Oxford Properties’ plans to develop an approximately 200-unit multifamily community in Charlotte, North Carolina, located adjacent to Citypark View, a 284-unit multifamily community owned by PAC that was also built by Oxford Properties.
Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market.
"The Oxford team builds a wonderful product. We are excited to be involved in this great location in the growing and successful Charlotte marketplace," said Leonard A. Silverstein, the Company's President and Chief Operating Officer.
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, it enters into forward purchase contracts or purchase options for to-be-built multifamily communities and makes mezzanine 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.