Preferred Apartment Communities Provides Loan for Fredericksburg Multifamily
The Atlanta-based firm reports it has closed on an loan of approximately $12.3 million in connection with Oxford Properties' plans to develop a 240-unit Class A multifamily community at its a 63-acre mixed use project in Fredericksburg.
FREDERICKSBURG, VA—Preferred Apartment Communities, Inc. has seeded a planned multifamily project at the Southpoint Landing mixed-use development here with a possible eye to acquiring the property once construction is completed.
The Atlanta-based firm reports it has closed on an loan of approximately $12.3 million in connection with Oxford Properties’ plans to develop a 240-unit Class A multifamily community at its a 63-acre mixed use project in Fredericksburg. The development is bordered by I-95 and Southpoint Parkway.
The funding includes an option to purchase the multifamily community following stabilization at a discounted price to market, Preferred Apartment Communities states in its funding announcement.
“We continue to originate real estate loan investments as it provides the company with consistent cash flow and a pipeline of modern and new Class A multifamily communities,” says Jeff Sherman, EVP and director of multifamily investments for Preferred Apartment Communities.
In late July, Preferred Apartment Communities acquired Wells Fargo Capitol Center, a 559,591-square-foot office building in Raleigh, NC. The deal for the 29-story tower at increased the size of the company’s office portfolio to six assets totaling approximately 2.1 million square feet.
The company financed the acquisition through a $114.4-million non-recourse first mortgage loan from New York Life Insurance Co.