Preferred Apartment Communities, Inc. Announces Mezzanine Loan Investment
Closing in Student Housing Development
ATLANTA, July 15, 2013
ATLANTA, July 15, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc.
(NYSE MKT: APTS) ("PAC" or the "Company") announced that today it closed on a
mezzanine loan investment of up to approximately $6.9 million to Haven Campus
Communities Member, LLC ("Haven West"), a Georgia limited liability company,
in connection with Haven West's plans to construct a 568-bed student housing
community adjacent to the University of West Georgia campus in Carrollton,
Georgia. In connection with the mezzanine loan, the Company was granted an
option to purchase the 568-bed student housing community between the 37^th and
42^nd months following the closing of the mezzanine loan for a pre-negotiated
purchase price of approximately $26.1 million. John A. Williams, the Company's
Chairman and Chief Executive Officer, stated, "We're excited about our entry
into the student housing sector. We believe it is a great complement to our
existing core multifamily communities."
(Logo: http://photos.prnewswire.com/prnh/20110420/HS87275LOGO )
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed
primarily to acquire and operate multifamily properties in select targeted
markets throughout the United States. As part of our business strategy, we
may enter into forward purchase contracts or purchase options for to-be-built
multifamily communities and we may make mezzanine loans, provide deposit
arrangements, or provide performance assurances, as may be necessary or
appropriate, in connection with the construction of multifamily communities
and other properties. As a secondary strategy, we also may acquire or
originate senior mortgage loans, subordinate loans or mezzanine debt secured
by interests in multifamily properties, membership or partnership interests in
multifamily properties and other multifamily related assets and invest not
more than 10% of our total assets in other real estate related investments, as
determined by our manager as appropriate for us. Preferred Apartment
Communities, Inc. has elected to be taxed as a real estate investment trust
under the Internal Revenue Code of 1986, as amended, commencing with its tax
year ended December 31, 2011.
SOURCE Preferred Apartment Communities, Inc.
Contact: Preferred Apartment Communities, Inc., Leonard A. Silverstein
770-818-4147, President and Chief Operating Officer, Email:
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