ATLANTA, GA /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS), or the Company, announced that on September 6, 2012 it closed on a mezzanine loan investment of up to $10.0 million to Oxford City Park Development LLC ("City Park"), a Georgia limited liability company, in connection with City Park's plans to construct a 284-unit multifamily community in Charlotte, North Carolina as part of a master plan to redevelop the former Charlotte Coliseum (top left photo) site. In connection with the mezzanine loan, the Company was granted an option to purchase the 284-unit multifamily community between the 39(th) and 43(rd) months following the closing of the mezzanine loan for a pre-negotiated purchase price of approximately $30.9 million.
For a complete copy of the company’s news release, please contact:
Preferred Apartment Communities, Inc.,
Leonard A. Silverstein,
+1-770-818-4147,
President and Chief Operating Officer,