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Preferred Apartment picks up Orlando, Fla., student housing community

Preferred Apartment Communities Inc. bought the 221-unit, 894-bed The Retreat at Orlando student housing community in Florida and funded the acquisition by assuming a roughly $47.1 million nonrecourse first mortgage loan.

The multifamily real estate investment trust said it assumed the loan from Fannie Mae originated by PNC Bank. The loan carries 4.09% fixed-rate interest, has 7.5 years of term remaining and amortizes based on a 30-year schedule.

The cottage-style The Retreat at Orlando property serves the University of Central Florida, according to a release.