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Atlanta Buyer Claims 312-Unit Alabama Apartment
Preferred Apartment Communities Inc. (PAC) of Atlanta, GA acquired Retreat at Greystone, a 312-unit apartment complex at 201 Retreat Dr. in Birmingham, AL. Tynes Development Corp. was the developer and the seller.
PAC financed the acquisition by borrowing $35.2 million from its $200 million revolving credit facility with Freddie Mac and KeyBank. The loan was obtained at a floating interest rate of 185 basis points above 30-day LIBOR. PAC intends to refinance its loan on the property, and has submitted the loan application to KeyBank for a 7-year, non-recourse first-mortgage loan at a fixed annual rate of 4.3%.
“This property is a well-located, premier, high-quality multifamily asset, the acquisition of which reflects our continued strategy to have the youngest portfolio of Class A apartments in the REIT space,” said John A. Williams, PAC’s chairman and CEO.
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