Preferred Apartment Communities announced that it closed on a loan investment of up to $137.5 million for a new real estate development in Silicon Valley.
The investment is in connection with the development of a 551-unit Class A multifamily community with approximately 39,000 square feet of retail space in San Jose. The property is located near US Highway 101 within the Market Park San Jose master-planned community next to the new Berryessa BART transit station, a walking distance train station that will connect the project to the entire San Francisco Bay area. The owner of the property is a joint venture between Western National Group and Anchor Real Estate Capital.
“This project is strategically located to provide San Jose residents with high-quality suburban housing in close proximity to public transit, multiple parks, restaurants and employment centers,” said John A. Williams, the Company’s Chief Executive Officer. Mr. Williams added, “We are proud to provide financial support for Western National’s newest apartment project, and look forward to continuing our lending relationship with such a well-respected company that has been an integral part of the multifamily business for 60 years.”
Preferred Apartment Communities specializes in operating and making loans for multifamily properties.