Source: Preferred Apartment Communities / #Apartments #Multifamily
ATLANTA, GA - Preferred Apartment Communities announced that it acquired a newly constructed 294-unit Class A multifamily community in Atlanta, Georgia named Overton Rise.
"This is a brand new property that continues our record of having the youngest portfolio of Class A apartments in the REIT world," said John A. Williams, the Chairman and Chief Executive Officer for PAC.
Leonard A. Silverstein, PAC's President and Chief Operating Officer added, "We believe this is a further example of the success of our loan investment program and our confidence in the Northwest Atlanta submarket."
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a first mortgage loan from KeyBank National Association for approximately $41.3 million and has a maturity date of August 1, 2026, a fixed interest rate of 3.98% per annum and will amortize based on a 30-year amortization. KeyBank intends to assign this loan to Freddie Mac 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.