ATLANTA, GA - Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $20.7 million in connection with Terwilliger Pappas' plans to develop Solis Cumming Town Center, a 320-unit, mid-rise surface parked Class A multifamily community located in the high-growth GA-400 corridor of Forsyth County, a rapidly expanding, affluent suburb in the Atlanta, Georgia MSA. Delivery of first units is expected in second quarter 2022.
Jeff Sherman, the Company's President of Multifamily said, "This development is not only proximate to the North Fultonand Perimeter office markets, but is also within two miles of Cumming City Center." Mr. Sherman added, "We are thrilled to be investing in Solis Cumming Town Center and continue to believe that Sunbelt suburban nodes will see healthy and sustained growth over the next decade, as we recover from the impacts of the COVID-19 pandemic." This marks PAC's fourth investment with Terwilliger Pappas, a preeminent Sunbelt multifamily developer, and provides PAC with a compelling opportunity to invest in, and have certain rights to acquire, Solis Cumming Town Center.
Joel T. Murphy, the Company's President and Chief Executive Officer said, "Our real estate loan investment program in multifamily continues to be an accretive avenue for capital deployment for the Company. This strategy has historically been a profitable and strategic differentiator for us and we expect that to continue in the future. This is another example of our ability to generate healthy risk adjusted returns in the current climate while also providing us an attractive acquisition pipeline for Class A multifamily communities in the Sunbelt."
Source: Preferred Apartment Communities