Source: Preferred Apartment Communities / #Apartments #Multifamily
CHARLOTTE, NC - Preferred Apartment Communities announced the acquisition of CityPark View South, a 200-unit Class A multifamily community in Charlotte, North Carolina constructed in 2017.
CityPark View South features an expansive clubhouse and high-end amenity package, highlighted by a resort-style saltwater pool, 24-hour package locker system and Energy Star stainless steel appliances.
"The opportunity to acquire this new and attractive community came through a real estate loan investment that PAC made for the development of the community over two years ago and once again demonstrates the imbedded value inherent in these loans," said Jeff Sherman, Executive Vice President and Director of Multifamily Investments for PAC.
PAC acquired this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Prudential Affordable Mortgage Company. The first mortgage loan is approximately $24.1 million, bears interest at a fixed rate of 4.51% per annum, matures in June 2029 and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.
Mr. Sherman added, "CityPark View South is the second phase to PAC's existing CityPark View asset, creating operational efficiencies for both communities, and brings the total unit count to 484 between the two properties."