The 300-unit Lodge at Hidden River
TAMPA, FL—Preferred Apartment Communities announced its second multifamily investment in a month—the nearly $42-million purchase of the luxury Lodge at Hidden River property here.
The company acquired the 300-unit Class A community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first-mortgage loan from The Prudential Insurance Co. of America. The first mortgage loan on the property constructed in 2017 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.
PAC adds that there are no loan guaranties provided by the firm or its operating partnership.
“We acquired this newly constructed property through a real estate loan investment PAC made to construct the property over two years ago,” says Jeff Sherman, EVP and director of multifamily investments for PAC.
Sherman adds, “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 announced on Aug. 31 it closed on an aggregate loan investment of up to approximately $12.3 million in connection with Oxford Properties' plans to develop a 240-unit Class A multifamily community located in Fredericksburg, VA. The property is part of Southpoint Landing, which is a 63-acre mixed use project with significant visibility from I-95.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
