Preferred Apartment Communities secures $98m in acquisition loans

Nationwide Life Insurance Company and KeyBank have provided a total of $97.7 million in acquisition loans to Preferred Apartment Communities on several grocery anchored shopping centers across the US.

Preferred Apartment Communities, through its subsidiary New Market Properties, has secured $97.7 million in financing on the acquisition of seven grocery anchored shopping centers across the US.

Thompson Bridge Commons, Atlanta, Georgia
Thompson Bridge Commons, Atlanta, Georgia

Nationwide Life Insurance Company provided five, 10-year loans with fixed 3.45 percent interest rates and an additional five-year, floating rate loan with a 2.25 percent rate over the 30 Day LIBOR, according to the borrower.

KeyBank provided a seven-year loan with a fixed rate of 4.67 percent.

The borrower purchased the seven grocery-anchored shopping centers, totaling 650,400 rentable sq ft, for an aggregate purchase price of $158 million.

Three of the centers are located in the Atlanta, Georgia area: the Thompson Bridge Commons, Cherokee Plaza, and Sandy Plains Exchange. The rest are located in Florida, North Carolina and Texas: the Shoppes at Parkland in South Florida; the University Palms in the Orlando, Florida; the Heritage Station in the Raleigh, North Carolina; and the Oak Park Village in San Antonio, Texas.

KeyBank announced this month that the bank was expanding its client base in the Southeast, hiring former Colliers International VP Trevor Ritter as a mortgage banker on properties in the region. In May, Nationwide also provided a $31 million refinancing on another grocery-anchored retail center in Northern New Jersey.