Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that on May 28, 2021 it closed on a real estate loan investment of up to approximately $17.0 million in connection with Novare Group’s plans to develop Populus at Pooler, a 316-unit, surface parked Class A multifamily community located in the Savannah, Georgia MSA, expected to deliver first units in the fall of 2022. The loan investment has an outside maturity date of May 28, 2025, co-terminus with the construction loan.

Jeff Sherman, the Company's President of Multifamily said "We are excited to expand our footprint into the Savannah submarket, which has seen significant growth in recent years. Savannah benefits from a diverse economy, driven by the Port of Savannah, the 3^rd largest port in the country, as well as manufacturing, aerospace and tourism industries."

The project is additionally capitalized with a construction loan and a significant equity contribution from the sponsor, Novare Group, a preeminent multifamily developer. Mr. Sherman added, "We believe that continued and select real estate loan investments are an effective use of our capital and should provide us with an attractive and accretive return on our investment, and further provides us the opportunity to acquire Class A multifamily communities in growing sunbelt markets, consistent with our long-term multifamily strategy."