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Mezzanine loan deal for Preferred Apartment

  • Preferred Apartment Communities (NYSEMKT:APTS) teams with Westport Capital Partners on a $17.2M mezzanine loan tied to a 304-unit apartment development in Northern Virginia. In connection with the loan, Preferred has received an option to buy the property upon completion and stabilization.
  • Preferred expects to partner with Westport on several other deals totaling about $275M in total development costs.
  • Press release
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