Source: Preferred Apartment Communities / #Apartments #Multifamily
TAMPA, FL - Preferred Apartment Communities announced that on March 29, 2016 it closed on a loan investment of up to approximately $9.8 million in connection with Haven Campus Communities, LLC's plans to develop a 542-bed, 158-unit student housing community located near the University of South Florida in Tampa, Florida.
Additionally, with this investment, PAC received an option to purchase the student housing community following stabilization at a discounted price to market.
"We're pleased to have the opportunity to originate another college campus housing loan investment located near a thriving university," said Leonard A. Silverstein, the President and Chief Operating Officer of PAC.
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.