Preferred Apartment Closes on $19M Loan to Altman Cos.

Preferred Apartment Communities Inc. (PAC) closed on a loan investment of up to $18.7 million, in connection with plans for a 392-unit multifamily development in Tampa, FL. Altman Cos. is the developer of the as-yet unnamed project, and part of the deal gives PAC first option to purchase the asset, following stabilization at a discounted price to market.

The development is part of the 14,000-acre Wiregrass Ranch master-planned community, which has been zoned to include more than 10,000 homes, 2.7 million square feet of retail, 1 million square feet of industrial and 2.6 million square feet of office space. Part of the office space includes a campus, planned by Raymond James. The development will also have a 138-acre sports complex.

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