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Preferred Apartment Communities buys Atlanta multifamily asset

Preferred Apartment Communities Inc. picked up the 310-unit Green Park class-A multifamily community in the Atlanta metro area, which it funded with a roughly $39.8 million nonrecourse first-mortgage loan.

President and COO Leonard Silverstein said in a release that the proceeds from a real estate loan investment made by the company more than three years ago were used in part to fund the development of the property.

Allianz provided the 10-year term loan, which has a fixed annual rate of 4.09%. The loan was placed by KeyBank NA for the trust.