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Florida & Gulf Coast  + Jacksonville + North Florida  + Apartments  |  October 22, 2021
Blackstone Real Estate Income Trust has closed on its $5.8-billion acquisition of Preferred Apartment Communities
Lisa McDuffie
By: Lisa McDuffie

Preferred Apartment Communities Finalizes $17M Loan Investment for Jacksonville Multifamily

Preferred Apartment Communities, Inc., has finalized 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, Class A multifamily community in Jacksonville, FL.

The real estate loan investment has an outside maturity date in April 2027, co-terminus with the construction loan.

“Our real estate loan investment program continues to be an accretive investment strategy and a consistent pipeline of multifamily product for our acquisition platform,” said John Isakson, PAC’s CFO.  “Our team has developed a broad base of well-respected borrowers who continue to bring us quality transactions. The pipeline of transactions should provide us with a range of opportunities to backfill the deals that are paying off and grow the book further as we move into 2022.”

Delivery of the first units of Menlo II is expected in spring of 2023.

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Inside The Story

Preferred Apartment Communities, Inc.’s Isakson

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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