Source: Preferred Apartment Communities / #Apartments #Multifamily
SARASOTA, FL - Preferred Apartment Communities announced the acquisition of a 280-unit Class A multifamily community in the Sarasota, Florida MSA constructed in 2016 called Luxe Lakewood Ranch.
"This acquisition demonstrates our continued focus to lower the average age of our premier Class A multifamily community portfolio," said John A. Williams, the Chairman and Chief Executive Officer for PAC. Mr. Williams added, "Luxe Lakewood Ranch is ideally located in a superb master planned community, with immediate access to jobs, restaurants, shopping and recreational areas."
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Fannie Mae originated by Berkadia Commercial Mortgage LLC.
The first mortgage loan is approximately $39.3 million, bears interest at a fixed rate of 3.93% per annum, matures in August 2027 and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.
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, they enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related 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.