Preferred Apartment Communities, Inc. announced that on September 27, 2017 it closed on an aggregate loan investment of up to approximately $20.7 million.  This investment is in connection with Terwilliger Pappas's plans to develop a 816-bed, 248-unit student housing community located near Kennesaw State University in Kennesaw, Georgia.  Additionally, with this investment, PAC received an option to purchase the student housing community following stabilization at a discounted price to market.  

"We're pleased to have the opportunity to originate another student housing loan investment located near a thriving university," said John A. Williams, the Company's Chief Executive Officer. Mr. Williams added, "Terwilliger Pappas is a Charlotte, North Carolina based developer of best-in-class multifamily communities in the Southeast's most advantageous submarkets.  We are excited to begin a lending relationship with Terwilliger Pappas."