fairn.png
Monday June 14th, 2021 1:31AM

Preferred Apartment Communities, Inc. Announces Real Estate Loan Investment in Savannah, Georgia Multifamily Development

By The Associated Press

ATLANTA--(BUSINESS WIRE)--Jun 7, 2021--

Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that on May 28, 2021 it closed on a real estate loan investment of up to approximately $17.0 million in connection with Novare Group’s plans to develop Populus at Pooler, a 316-unit, surface parked Class A multifamily community located in the Savannah, Georgia MSA, expected to deliver first units in the fall of 2022. The loan investment has an outside maturity date of May 28, 2025, co-terminus with the construction loan.

Jeff Sherman, the Company's President of Multifamily said “We are excited to expand our footprint into the Savannah submarket, which has seen significant growth in recent years. Savannah benefits from a diverse economy, driven by the Port of Savannah, the 3 rd largest port in the country, as well as manufacturing, aerospace and tourism industries.”

The project is additionally capitalized with a construction loan and a significant equity contribution from the sponsor, Novare Group, a preeminent multifamily developer. Mr. Sherman added, “We believe that continued and select real estate loan investments are an effective use of our capital and should provide us with an attractive and accretive return on our investment, and further provides us the opportunity to acquire Class A multifamily communities in growing sunbelt markets, consistent with our long-term multifamily strategy.”

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers and Class A office buildings. Preferred Apartment Communities' investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2021, the Company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at .

The SEC has declared effective the registration statement filed by the Company for each of our public offerings. Before you invest, you should read the final prospectus, and any prospectus supplements forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement. You may get these documents for free by visiting EDGAR on the SEC website at . Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, will arrange to send you a prospectus with respect to the Series A1/M1 Offering upon request by contacting John A. Isakson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.

The final prospectus for the Series A1/M1 Offering, dated October 22, 2019, can be accessed through the following link:

View source version on businesswire.com:

CONTACT: Preferred Apartment Communities, Inc.

John A. Isakson 770-818-4109

Chief Financial Officer

Email:[email protected] Apartment Communities, Inc.

Paul Cullen 770-818-4144

Executive Vice President-Investor Relations

Email:[email protected]

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT

SOURCE: Preferred Apartment Communities, Inc.

Copyright Business Wire 2021.

PUB: 06/07/2021 06:55 AM/DISC: 06/07/2021 06:56 AM

http://www.businesswire.com/news/home/20210607005200/en

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia, AP Business - Personal Finance, AP Business - Real Estate
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Train barrels into another in Pakistan, killing at least 40
Authorities say an express train barreled into another that had derailed in Pakistan before dawn, killing at least 40 people
6:50AM ( 19 minutes ago )
Putin confirms Russian exit from overflight treaty
Russian President Vladimir Putin has signed a bill to withdraw from an international treaty allowing surveillance flights over military facilities, following the U.S. exit from the pact
6:33AM ( 36 minutes ago )
The Latest: Krejcikova knocks Stephens out of French Open
Barbora Krejcikova reached the quarterfinals of a major tournament for the first time by routing 2018 French Open runner-up Sloane Stephens 6-2, 6-0
6:29AM ( 40 minutes ago )
Associated Press (AP)
Seoul court rejects slave labor claim against Japanese firms
A South Korean court has rejected a claim by dozens of wartime factory workers and their relatives who sought compensation from Japanese companies for their slave labor before the end of World War II
4:19AM ( 2 hours ago )
Officials: 2 trains collide in southern Pakistan, killing 38
Police and rescue officials say two express trains collided in southern Pakistan and at least 38 passengers were killed
3:48AM ( 3 hours ago )
The Latest: New limits in Chinese city with growing outbreak
Residents of the southern Chinese city of Guanzhou will not be able to leave unless they can show that it is absolutely necessary to do so, following an outbreak of COVID-19 that has sickened dozens of people
3:45AM ( 3 hours ago )
AP Business
‘Conjuring 3’ tops ‘A Quiet Place 2’ as moviegoing returns
After its triumphant first weekend, “A Quiet Place Part II” fell 59% at the North American box office leaving room for the third movie in the “Conjuring” franchise to take first place
1:31PM ( 17 hours ago )
G-7 back steps to deter tax dodging by multinational firms
The Group of Seven wealthy democracies have agreed to support a global minimum corporate tax of at least 15% to deter multinational companies from avoiding taxes by stashing profits in low-rate countries
1:41PM ( 1 day ago )
G-7 nations sign key pact to make tech giants pay fair taxes
The Group of Seven wealthy democracies have agreed to support a global minimum corporate tax rate of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries
10:00AM ( 1 day ago )
AP Business - Corporate News
7 advance in NCAA baseball; No. 1 Hogs to face Huskers again
Seven teams closed out their regionals in the NCAA baseball tournament and moved one step closer to the College World Series
2:21AM ( 4 hours ago )
Thomas' slam in the 11th helps Vanderbilt beat Georgia Tech
Isaiah Thomas hit a grand slam in the top of the 11th inning and Vanderbilt beat Georgia Tech 14-9 to win the Nashville Regional
2:07AM ( 5 hours ago )
Max Fried beats Bauer 4-2, Braves take 2 of 3 from Dodgers
Max Fried outpitched Trevor Bauer, and the Atlanta Braves beat Los Angeles 4-2 to take two of three in the first meeting of the teams since the Dodgers rallied to win last year’s NL Championship Series
6:47PM ( 12 hours ago )
AP Online - Georgia News
AP Business Wire - Georgia
Biden budget highlights: Lots of spending, taxing the rich
President Joe Biden’s $6 trillion budget proposal offers major new initiatives like child and elder care subsidies, generous tax credits for families and the working poor, and free community college
12:05AM ( 1 week ago )
Biden's $6T budget: Social spending, taxes on business
President Joe Biden is proposing a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class
12:01AM ( 1 week ago )
Social spending, business tax hike drive $6T Biden budget
President Joe Biden is proposing a $6 trillion budget for next year that fails to slow spiking government debt
11:40AM ( 1 week ago )
AP Business - Personal Finance
US economy: Plenty of growth, not enough workers or supplies
The U.S. economy is sparking confusion and whiplash almost as fast as it’s adding jobs
10:03AM ( 1 day ago )
US adds modest 559,000 jobs, a sign of more hiring struggles
U.S. employers added 559,000 jobs in May, an improvement from April’s sluggish gain but still evidence that many companies are struggling to find enough workers as the economy rapidly recovers from the pandemic recession
9:13AM ( 2 days ago )
Bank CEOs tell Congress they'll work to avoid foreclosures
The chief executives of the nation’s largest banks have been back in front of Congress, facing questions ranging from bitcoin to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer
5:22PM ( 1 week ago )
AP Business - Real Estate
Train barrels into another in Pakistan, killing at least 40
Authorities say an express train barreled into another that had derailed in Pakistan before dawn, killing at least 40 people
6:50AM ( 19 minutes ago )
Putin confirms Russian exit from overflight treaty
Russian President Vladimir Putin has signed a bill to withdraw from an international treaty allowing surveillance flights over military facilities, following the U.S. exit from the pact
6:33AM ( 37 minutes ago )
The Latest: Krejcikova knocks Stephens out of French Open
Barbora Krejcikova reached the quarterfinals of a major tournament for the first time by routing 2018 French Open runner-up Sloane Stephens 6-2, 6-0
6:29AM ( 41 minutes ago )
The Latest: Slovakia becomes 2nd EU nation to use Sputnik V
Slovakia has become the second European Union country to administer the Russian-made Sputnik V vaccine
5:50AM ( 1 hour ago )
MH17 trial moves to crucial merits phase, examining evidence
The trial in a Dutch court of three Russians and a Ukrainian accused of involvement in the downing of Malaysia Airlines Flight 17 has moved to the crucial merits phase when evidence will be discussed by lawyers and judges
5:40AM ( 1 hour ago )