August 31, 2016
Preferred Apartment Communities Inc. struck a deal with Dallas-based Cypress Equities to acquire a 169,500-square-foot, Class A office building within Birmingham, AL’s Brookwood Village. The building is 100% leased to tenants including PricewaterhouseCoopers, Merrill Lynch and Kinder Morgan. The average remaining lease term is approximately nine years.
Atlanta-based PAC financed the acquisition at 569 Brookwood Village with a $32.4 million first-mortgage loan from Life Insurance Company of the Southwest. The loan carries a fixed annual interest rate of 3.5%, interest-only for the first year, and a 27-year amortization.
Cypress Equities had acquired the entire mixed-use Brookwood Village in 2014, which included a 604,000-square-foot mall and a 41,900-square-foot retail center, anchored by Fresh Market.
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