Preferred Apartment Communities, Inc. Announces Acquisition of a Grocery-Anchored Shopping Center Through its Wholly-Owned Subsidiary, New Market Properties, LLC

Maynard Crossing Shopping Center, Maynard and High House Road, Cary, NC 

  

ATLANTA, GA -- Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") announced the acquisition on August 25, 2017 of Maynard Crossing, an approximately 122,781 square foot shopping center located in the affluent Raleigh submarket of Cary, North Carolina and anchored by a 55,973 square foot Kroger grocery store.

 Maynard Crossing is strategically located at the corner of Maynard and High House Road, a major intersection with over 43,000 cars per day.

Joel T. Murphy

PAC acquired this asset through its wholly-owned subsidiary New Market Properties, LLC. Joel T. Murphy, President and Chief Executive Officer of New Market said about the acquisition, "We are pleased to further expand into North Carolina, with the Raleigh MSA being the 11th fastest growing in the US and we believe the tenants at Maynard Crossing will continue to benefit from the surrounding dense three mile population of approximately 90,000 people with household incomes of over $107,000."

Mr. Murphy added, "The acquisition of Maynard Crossing increases the size of our retail portfolio to 35 grocery-anchored shopping centers across seven Sunbelt states, consistent with our strategy to acquire well-positioned grocery-anchored shopping centers in suburban Sunbelt markets with strong demographics."

The Company financed the acquisition utilizing a non-recourse first mortgage loan from Principal Financial Group.  The first mortgage loan is approximately $18.5 million, bears interest at fixed rate of 3.74% per annum and matures on September 1, 2032.  There are no loan guaranties provided by PAC or its operating partnership.

For more information on this news release, please contact:

Caroline Moore • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, GA 30309

O: 404-254-1484 • M: 843-360-9851

http://www.thewilbertgroup.com/

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Arbor Funds $15M in Multifamily Deals in Midwest and California

                                           

 

Michael Noll

 UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, announced the recent funding of seven loans totaling $15,048,000 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Small Loan, and Freddie Mac SBL product lines.

Michael Noll, an Originator Sales Associate located in Arbor’s New York City office, originated all of the loans and stated, “As demonstrated by these transactions, the flexibility of our multifamily lending options allows us to provide customized solutions across the country.

“Arbor is uniquely positioned as a one-stop-shop for multifamily owners with the wide variety of products and loan structures necessary to help all our clients meet their business goals.”

Hillside Terrace Apartments, Spring Valley, CA: This 16-unit multifamily asset consists of two, 2-story buildings totaling 24,394 square feet situated on 0.56 acres. Constructed in 1986, the property received $2,000,000 funded under the Freddie Mac Small Balance Loan product with a 20-year fixed-to-floating rate amortizing on a 30-year schedule and one year of interest-only payments.

Perrin Apartments, Ypsilanti, MI: This 23-unit property received $1,720,000, funded under the Freddie Mac Small Balance Loan product. Cash-out refinance proceeds were used towards the acquisition of Eastwood Terrace and the transactions were run concurrently.

Eastwood Terrace Apartments, Ypsilanti, MI: This 84-unit multifamily asset received $4,620,000 funded under the non-recourse FNMA DUS Loan product line. The 7-year acquisition loan amortizes on a 30-year schedule with 5 years of yield maintenance. The loan included proceeds to be used for capital improvements.

Brookside Villas, Edmond, OK

Brookside Villas, Edmond, OK: This newly constructed 20-unit multifamily property with 19 units and 1 model/office unit received $1,310,000 funded under the Freddie Mac Small Balance Loan product. The transaction was a cash-out refinance for first-time Freddie Mac clients.

 Mixed-Use, Multifamily Property, Chicago, IL: This 12-unit multifamily property, anchored by 2,266 square feet ground floor retail space, received $2,350,000 funded under the Freddie Mac Hybrid ARM. Built in 1885, the property was completely rehabbed in 2016. The 20-year term is fixed for the first 10 years and floating for the next 10 years, with interest-only for 3 years and the remaining term amortizing over a 30-year schedule.

Parkview Arms, Oxford, OH: This 86-unit multifamily, garden style property was refinanced through the FNMA MAH Small Loan program. The property consisting of six, 2-story apartment buildings and three non-residential buildings (storage buildings) received $2,688,000 structured as a 10-year fixed-rate term with 9.5 years of yield maintenance and a 30-year amortization schedule. 

Multifamily Property, San Diego, CA: This 18-unit multifamily property received $1,580,784 funded through the Fannie Mae Small Loan product line. The loan had a 20-year hybrid term with 4.5-year yield maintenance through the fixed-rate term and 1% thereafter on a 30-year amortization schedule.

For more information on this news release, please contact:


 Arbor Realty Trust, Inc.                                                      

Bonnie Habyan

333 Earle Ovington Blvd, Suite 900                                    

Tel: 516.506.4615

Uniondale, NY 11553                                         

800.ARBOR.10

www.arbor.com

 bhabyan@arbor.com                                                                                          

Julie Johnson and Mark Johnson named health care practice group co-leaders at Avison Young

Julie Johnson

Phoenix, AZ  - Avison Young, the world's fastest-growing commercial real estate services firm, announced Avison Young Principal Julie Johnson, based in Phoenix, and Mark Johnson, an Executive Vice-President in the firm's suburban Chicago office, have been named co-leaders of the company's health care practice group in the U.S.

The newly created positions are designed to grow the firm's health care business-line coverage while offering best-in-class service to users, owners, developers and investors of health care real estate.

Mark Johnson

While leading the practice group's day-to-day operations, Julie Johnson and Mark Johnson will focus on elevating awareness of Avison Young's health care specialization within the national medical community.

"I'm excited to have the opportunity to take our medical office and overall health care business- line coverage forward with Mark," comments Julie Johnson. 

"We will use our experience and success in the health care property market to enhance our national practice group. Mark and I will be the conduits between the boots-on-the-ground service providers and our broad corporate platform. We look forward to expanding Avison Young's health care footprint within all key markets."

For more information on this news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224