Preferred Apartment Communities, Inc. Announces Real Estate Loan Investment in Jacksonville, Florida Multifamily Development

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Oct 18, 2021

Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced that on October 14, 2021 it closed on a real estate loan investment of up to approximately $16.6 million in connection with Catalyst Development Partners’ plans to develop Menlo II, a 337-unit, mid-rise, surface parked, Class A multifamily community located in Jacksonville, Florida. Delivery of first units is expected in Spring 2023. The real estate loan investment has an outside maturity date in April 2027, co-terminus with the construction loan.