$22 MILLION SENIOR LOAN TO FINANCE ACQUISITION IN NASHVILLE

NASHVILLE, TENN. – PCCP provided a nearly $22 million loan to Atlanta-based multifamily developer and operator Pollack Partners to finance the acquisition of Velocity in the Gulch, a 220-unit Class A luxury rental community that is part of a 263-unit fractured condo project. Pollack Partners purchased the bank-owned property for $25.3 million, plus reserves and closing costs. The 43 sold residential units were not included in the acquisition, nor was the 20,900 square feet of retail space, which is owned by Nashville, Tenn.-based retail group MarketStreet. Amenities include outdoor lounge with cabanas, fitness center and controlled access parking garage. Holliday Fenoglio Fowler, L.P. Atlanta office handled the asset sale and brokered the financing.