Preferred Apartment Communities, Inc.Announces Jacksonville, Florida Home Loan Investment in Multi-Family Development Project

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ATLANTA, October 18, 2021– (BUSINESS WIRE) – Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced the closing, on October 14, 2021, of a mortgage investment up to approximately $ 16.6 million as part of Catalyst Development Partners’ plans to develop Menlo II, a 337-unit, mid-rise, above-ground, Class-A multi-family community located in Jacksonville, Florida. The delivery of the first units is scheduled for spring 2023. The investment of the mortgage loan has an external maturity in April 2027, coterminus with the construction loan.

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The Menlo – Jacksonville, Florida (Photo: Business Wire)

Jeff Sherman, president of the company’s Multifamily, said, “Our investment in this development follows the recent success of Menlo, which we capitalized with an investment in a home loan in 2018, and acquired later in 2020.” Mr. Sherman continued, “This ‘sister’ property will not only benefit from the same strategic location in the main planned eTown community, but also from its location immediately adjacent to a newly approved Publix anchored shopping center slated to open in early 2023. “

John Isakson, Chief Financial Officer of PAC, added, “Our mortgage investment program continues to be a profitable investment strategy and a cohesive multi-family product pipeline for our acquisition platform. Our team has developed a large base of respected borrowers who continue to provide us with quality transactions. The deal pipeline should provide us with a range of opportunities to close successful deals and further develop the portfolio as we approach 2022. “

About Preferred Apartment Communities, Inc.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust primarily engaged in the ownership and operation of Class A multi-family properties, with selected investments in shopping malls anchored in grocery stores. The investment objective of Preferred Apartment Communities is to generate attractive and stable returns for shareholders by investing in income-generating properties and by acquiring or issuing multi-family real estate loans. As of September 30, 2021, the Company owned or had invested in 107 properties in 13 states, primarily in the Southeastern United States. Learn more at www.pacapts.com.

Forward-looking statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements may be identified by the use of forward-looking terminology such as “May”, “trend”, “will”, “expects”, “plans”, “estimates”, “anticipates”, “projects”, “intends”, “believes”, “goals “,” The objectives “,” the prospects “and similar expressions. Since these statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by these forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, (a) the impact of the COVID-19 pandemic and related actions by federal, state and local governments on PAC’s business operations and market economic conditions. on which PAC operates; (b) PAC’s ability to mitigate the impacts resulting from COVID-19; and (c) those disclosed in documents filed by PAC with the Securities and Exchange Commission. PAC assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required by law.

Additional information

The SEC has declared effective the registration statement filed by the Company for each of our public offerings. Before investing, you should read the final prospectus and any prospectus supplement that is part of the registration statement and other documents that the Company has filed with the SEC for more complete information about the Company and the offer. In particular, you should carefully read the risk factors described in the Final Prospectus and any related Prospectus Supplement and in the documents incorporated by reference into the Final Prospectus and any related Prospectus Supplement. You can obtain these documents free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the Company or its managing broker, Preferred Capital Securities, LLC, will arrange for the dispatch of a prospectus relating to the Series A1 / M1 offering upon request by contacting John A. Isakson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, GA 30327.

The final prospectus for the A1 / M1 series offer, dated October 22, 2019, can be accessed via the following link:

https://www.sec.gov/Archives/edgar/data/1481832/000148183219000097/a424b5-2019seriesamshares.htm

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211018005986/en/

Contacts

Preferred Apartment Communities, Inc.
John A. Isakson 770-818-4109
Financial director
Email: [email protected]

Preferred Apartment Communities, Inc.
Paul Cullen 770-818-4144
Executive Vice President – Investor Relations
Email: [email protected]


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