Preferred Apartment Communities has closed on a real estate loan investment of up to approximately $16.8 million in connection with Crosland Southeast’s plans to develop a 320-unit, class A multifamily community located in Orlando, Fla.
The property is part of Metro West, an 1,800-acre, mixed-use development currently comprising more than 2.5 million square feet of office and retail, Valencia College’s West Campus, and MetroWest Golf Club. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization.
“We continue to originate real estate loan investments as they provide the company with solid returns and a potential pipeline of modern and new class A multifamily communities,” said Jeff Sherman, the company’s president of multifamily.
