(RECAP: Ground was broken Tuesday morning for phase two of a $30 million project to bring affordable housing to Richmond’s Jackson Ward neighborhood. The plot calls for undeveloped land located along N. 1st Street to be transformed into two buildings with 152 units. The Community Preservation and Development Corporation has partnered with Richmond to develop this affordable housing aimed at giving seniors a place to call home.)
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(RECAP: Alexandria is falling behind its affordable housing goal, making or preserving about half of the units that were anticipated five years ago. But now that that restaurant diners will be chipping in an extra $5 million a year, city officials are poised to go forward with an aggressive new slate of affordable housing development.)
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TAMPA, FL – Preferred Apartment Communities announced the acquisition of the Lodge at Hidden River, a 300-unit Class A multifamily community in Tampa, Florida constructed in 2017.
“We bought this newly constructed property through a real estate loan investment PAC made to construct the property over two years ago,” said Jeff Sherman, Executive Vice President and Director of Multifamily Investments for PAC.
PAC bought this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from The Prudential Insurance Company of America. The first mortgage loan is approximately $41.7 million, bears interest at a fixed rate of 4.32% per annum, matures in October 2028 and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.
Mr. Sherman added, “We are excited to expand our portfolio in Tampa, which is a market that continues to show strong macro fundamentals. The Lodge at Hidden River not only has high-end finishes and an expansive amenity package, but stands apart from its competition with its preservation of natural wooded greenspace throughout the community.”
Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select target markets throughout the United States. As part of their business strategy, they may enter into forward buy contracts or buy options for to-be-built multifamily communities and 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.
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