A $34 million HUD 221(d)(4) loan is pending approval for the construction of The Crest at Naples, a 200-unit Class A apartment community in Naples, Florida. PPD also expects to finalize construction financing for a 264-unit community in Bonita Springs, Florida. The $30-million loan is expected to be approved during the third quarter of 2017. Upon completion, these properties will remain in the PPD Holdings portfolio.
The two development projects are the first of many planned for Florida coastal areas.
"We expect to add around 250 units a year in markets from Tampa to Naples over the next 10 years," PPD Holdings founder Pablo Diego said.
In the Greater Atlanta area, PPD Holdings has closed on refinancing loans for The Crest at Sugarloaf and The Crest at Berkeley Lake. The $28 million loan on The Crest at Sugarloaf — a 540-unit apartment community in Lawrenceville, Georgia — was refinanced with lender The Guardian Life Insurance Company. The Crest at Berkeley Lake is a 382-unit apartment community in Duluth, Georgia that had an $18.95 million loan refinanced with PPM America.
Currently, PPD Holdings is refinancing The Crest at Laurel Canyon, a 350-unit complex in Canton, Georgia.
"Initially we had budgeted for a refinance of The Crest at Laurel Canyon by June of 2018," Diego said. "But leasing has been extraordinary and has exceeded expectations, so we are positioned to take advantage of refinancing right now."
PPD Holdings is currently building its portfolio and doesn't intend to sell any assets in 2017.
About PPD Holdings, LLLP
PPD Holdings is an investment company based in Atlanta that specializes in multifamily real estate and service-related industries across the Southeast. With over 30 years of combined experience, PPD Holdings has invested in assets worth more than $1 billion since its founding in the early 1990s. For more information, visit www.ppdholdings.com