By Laura Calugar
Preferred Apartment Communities Inc. (PAC) closed on an aggregate loan investment of approximately $17.7 million. The financing will be utilized for Oxford Properties’ plans to develop a 338-unit Class A multifamily community in Charlotte, N.C.
“This site is in a great sub-market of Charlotte and is a part of a transit oriented development directly across from the blue line light rail extension,” said Preferred Apartment Communities CEO John Williams, in prepared remarks.
With this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price compared to the market. “We continue to originate real estate loan investments that provide both attractive current returns and the opportunity to acquire outstanding properties at a discount to stabilized value,” said Williams.
Image courtesy of Preferred Apartment Communities