Source: Preferred Apartment Communities / #Apartments #Multifamily
TAMPA, FL - Preferred Apartment Communities announced that it acquired a newly constructed 342-unit Class A multifamily community in Tampa, Florida named Crosstown Walk.
"We believe Crosstown Walk is a one of a kind asset that marries a great location with outstanding and unique architecture," said Daniel M. DuPree, the Vice Chairman and Chief Investment Officer for PAC. Leonard A. Silverstein, PAC's President and Chief Operating Officer added, "PAC originally provided a real estate loan to the developer of Crosstown Walk representing a portion of the capital required for this development. This acquisition represents another fine example of our real estate loan program with selected developers and the acquisition pipeline it generates for the Company."
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a first mortgage loan from KeyBank National Association for approximately $32.5 million and has a maturity date of February 1, 2023, a fixed interest rate of 3.90% per annum and will amortize based on a 30-year amortization. KeyBank intends to assign this loan to Fannie Mae within 60 days of closing.
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.