The Bloc

June 29, 2018 Comments Off on Preferred Apartment Communities Snags Recently Completed Bloc Views: 3409 Texas - Other, Texas News

Preferred Apartment Communities Snags Recently Completed Bloc

Preferred Campus Communities LLC, a wholly-owned subsidiary of Preferred Apartment Communities, acquired The Bloc, a newly-constructed, 556-bed student housing property serving Texas Tech University in Lubbock, TX. PCC, which was formed to acquire off-campus student housing assets, made the deal with the unknown seller/developer for the 140-unit property at 707 Avenue T.

The buyer financed the buy with a $29 million, non-recourse, first-mortgage bridge loan from TH Commercial Mortgage LLC, managed by Pine River Capital. The loan bears interest at a floating rate of  355 basis points over LIBOR, with a three-year, interest-only term.

The purchase increases PCC’s portfolio to seven student housing properties in four states.

Read More at Preferred Apartment Communities

Get CRE News in 150 words

For comments, questions or concerns, please contact Amy Sorter

Tags: ,

Comments are closed.