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Preferred Apartment Communities Pays $42M for Tampa Multifamily

The company acquired the 300-unit Class A community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first-mortgage loan from The Prudential Insurance Co. of America. T

The 300-unit Lodge at Hidden River The 300-unit Lodge at Hidden River

TAMPA, FL—Preferred Apartment Communities announced its second multifamily investment in a month—the nearly $42-million purchase of the luxury Lodge at Hidden River property here.

The company acquired the 300-unit Class A community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first-mortgage loan from The Prudential Insurance Co. of America. The first mortgage loan on the property constructed in 2017 is approximately $41.7 million, bears interest at a fixed rate of 4.32% per annum, matures in October 2028 and amortizes based on a 30-year schedule.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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