Preferred Apartment Communities, Inc. announced the acquisition of a 300-unit Class A multifamily community in Marietta, Georgia constructed in 2016 called Aldridge at Town Village.  "This is a brand new and attractive property that we originated a real estate loan investment on over two years ago," said Leonard A. Silverstein, the President and Chief Operating Officer for PAC.  Mr. Silverstein added, "This acquisition demonstrates the success of our unique real estate loan investment program, which continues to create a tremendous pipeline of newly constructed Class A multifamily communities."

PAC financed the acquisition using its Revolving Credit Facility with Freddie Mac and KeyBank (the "Facility").  The Facility provides for aggregate borrowings of up to $200 million, subject to increasing the Facility to $300 million in KeyBank's sole discretion.  The Facility has a five-year term and a floating interest rate that is dependent on both the type of property financed under the Facility and the amount of leverage utilized.  In addition, there will be no loan guaranties provided by PAC or its operating partnership and no property mortgages originated under the Facility will be cross-collateralized.  For the acquisition of Aldridge at Town Village, PAC borrowed approximately $37.9 million on the Facility at a floating interest rate 185 basis points above 30-day LIBOR.