Mezzanine loan deal for Preferred Apartment

|About: Preferred Apartment Comm... (APTS)|By:, SA News Editor

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.