PAC to Acquire Iconic Atlanta Office Tower
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Three Ravinia Drive
Atlanta—Preferred Apartment Communities Operating Partnership LP, Preferred Apartment Communities Inc.’s (PAC) operating partnership, has committed to acquire Three Ravinia Drive, a Class A office building in the Central Perimeter submarket of Atlanta. The deal is pursuant to a signed Agreement of Purchase and Sale with SPUS6 Three Ravinia LP.
The company intends to fund the transaction with planned debt financing and a combination of borrowings under the company’s senior secured credit facility with KeyBank National Association, net proceeds from additional issuances, proceeds from anticipated disposition of certain assets as well as cash on hand. PAC has submitted its loan application and locked the interest rate with John Hancock. Hancock will provide a non-recourse first mortgage loan on the property at roughly 55 percent of the gross purchase price that remains undisclosed…
