Preferred Apartment Communities, Inc. announced the acquisition of a 310-unit Class A multifamily community in the Atlanta, Georgia MSA constructed in 2016 called Green Park.  "The acquisition of Green Park came through a real estate loan investment that PAC made over three years ago, the proceeds of which were used to partially fund the development of Green Park," said Leonard A. Silverstein, the President and Chief Operating Officer for PAC.  Mr. Silverstein added, "This acquisition further demonstrates the success of our unique real estate loan investment program, which continues to create a pipeline of attractive, off-market acquisition opportunities at contractual discounts, while providing compelling returns during construction."

The Company financed the acquisition utilizing a non-recourse first mortgage loan provided by Allianz.  KeyBank National Association placed the loan for the Company.  The first mortgage loan is approximately $39.75 million, bears interest at a fixed rate of 4.09% per annum, has a ten-year term and amortizes based on a 30-year schedule.  There are no loan guaranties provided by PAC or our operating partnership.