ATLANTA, NOVEMBER 4, 2021– (BUSINESS WIRE) – Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or “Company”) announced today that on November 3, 2021, it closed on a real estate loan investment of up to approximately $ 9.1 million in connection with Oxford Properties’ plans to develop Beaver Ruin Apartments, 246 Garden-style housing units, parked on the surface, Class A multi-family community located in Gwinnett County, Northeastern suburbs of Atlanta, Georgia MSA. Delivery of first units is expected in early 2023. Investment in real estate loan has an external repayment date in November 2026, in parallel with the construction loan.
Jeff Sherman, president of the multifamily company, said that “this development marks our second investment this year in Gwinnett County, a fast-growing suburb of Atlanta that continues to enjoy its strategic location along the northern I-85 corridor.” Mr. Sherman continued, “We are proud to partner again with Oxford Properties while a Class A garden community is thoughtfully designed.” Mr. Sherman added, “We continue to establish real estate lending investments as they provide the company with strong current returns and deep piping of well-planned and quality communities in our target markets.”
John Isaacson, PAC’s CFO added, “This new loan further illustrates our ability to meet the loan payments we saw in 2021. “We continue to be pleased with the quality of our pipeline for new investments in multi-family real estate loans. This investment strategy has been the company’s strength and will continue to be a focus as we move forward to 2022.”
Preferred Apartment Communities, Inc. Information
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment fund that primarily deals with the ownership and operation of multi-family properties of type A, with selected investments in grocery shopping anchored shopping centers. Source of multi-family real estate loans. As of September 30, 2021, the Company has owned or invested in 107 properties in 13 states, primarily in the southeastern region of the United States. Learn more at www.pacapts.com.
This press release may contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of forward-looking terminology such as “may”, “trend”, “Will”, “expect”, “plan”, “evaluate”, “observe”, “projects”, “mean”, “believe”, “goals”, “goals”, “view” and the like expressions. Because such statements involve risks, uncertainties and conditions, the actual results may differ materially from the expectations, intentions, beliefs, plans or forecasts of the future expressed or implied from such forward-looking statements. Risks, Uncertainties, and Situations These cases include, but are not limited to, (a) the impact of the COVID-19 epidemic and actions related to federal, state, and local government on PAC business activity and the economic conditions in the markets in which PAC operates; (B) the ability of PAC to mitigate the effects of COVID-19; And (c) those disclosed in PAC submissions to the Securities Authority. PAC does not undertake to update these forward-looking statements to reflect events or circumstances after that date or to reflect the occurrence of unforeseen events, except as required by law.
The SEC has declared the validity of the registration statement filed by the Company for each of our public offerings. Before you invest, you should read the final prospectus and any additional prospectus that is part of the listing statement and other documents the company has submitted to the SEC for more complete information about the company and the offering. In particular, you must carefully read the risk factors described in the final prospectus and any related prospectus supplement and in the documents incorporated in the final prospectus reference and any related prospectus supplement. You can get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the company or its managing director, Preferred Capital Securities, LLC, will arrange to send you a prospectus regarding the issuance of the A1 / M1 Series upon request by contacting John A. Isaacson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The final prospectus for the issue of the A1 / M1 series, dated October 22, 2019, can be accessed via the following link:
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Preferred Apartment Communities, Inc.
John A. Isaacson 770-818-4109
Chief Financial Officer
Preferred Apartment Communities, Inc.
Paul Cullen 770-818-4144
Senior Vice President – Investor Relations