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Florida & Gulf Coast  + Gulf Coast  + Finance  | 

Preferred Picks Up Panama City Beach MF

Atlanta-based Preferred Apartment Communities, Inc. (PAC) acquired Parkside at the Beach, a 288-unit Class A multifamily community in Panama City Beach, FL. PAC purchased the 2019-built asset utilizing a first mortgage loan from Freddie Mac at a fixed rate of 2.95% per year for a 10-year term. The loan is interest-only during the first two years and amortizes on a 30-year schedule.

PAC’s Jeff Sherman notes they identified the asset in late 2019 and committed to it with non-refundable earnest money in a pre-COVID environment. They secured favorable Freddie Mac financing in February 2020. He says, “The combination of these factors, along with very strong April 2020 rent collections, led us to follow through on our commitment to acquire an asset on attractive terms consistent with our multifamily strategy of acquiring well-performing Class A multifamily communities in the Sunbelt.”

The property fronts Highway 98 and is near Pier Park, Simon Property Group’s more than two-million-square-foot destination open-air shopping center.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition
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