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Friday, 14 July 2017

Preferred Apartment Lends $22.4Mln for Atlanta-Area Multifamily Project

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Commercial Real Estate Direct Staff Report

Preferred Apartment Communities Inc. has provided $22.4 million of financing to fund the development of the Forsyth, a 356-unit apartment property in Cumming, Ga., which is north of Atlanta.

As in previous similar deals structured by the Atlanta REIT, it received an option to buy the property after it's stabilized.

The 15-building property is being developed on a 61-acre site along State Highway 400 and Hampton Park Drive, some 50 miles north of Atlanta, by 360 Residential of Atlanta. It's expected to be completed by early 2019. It will include two saltwater swimming pools, a fitness center, dog parks and an entertainment center.

The property will be about five miles from Dawson Marketplace, a newly built grocery-anchored retail center that Preferred also has financed with a $12.9 million loan to its developer, a venture of Hendon Properties and Blanchard Real Estate Capital.

As of the end of March, the company had $400 million in loan commitments for the development of 5,895 apartment and students-housing units, including Forsyth and Dawson Marketplace, with options to purchase those properties.

Earlier this year, Preferred paid $50 million for the Retreat Greystone, a newly built apartment property in Birmingham, Ala.

Comments? E-mail Jenny Robinson or call her at (267) 247-0112, Ext. 208.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Atlanta
  • States: Georgia
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $10 million and $25 million
  • Private: No
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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