PAC to Invest $18M in NC Multifamily Asset
The aggregate loan will be used by Oxford Properties to develop a 338-unit community in Charlotte. The investment comes with an option for PAC to acquire the asset following stabilization for a convenient sum.
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.Â
“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. Â
Favorable terms
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