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Preferred Apartment Communities has acquired Lux, a 265-unit community in Jacksonville, Fla. The transaction was made through a wholly-owned subsidiary of PAC and was financed through a non-recourse.
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Bank of America Home Loans is the mortgage unit of Bank of America.In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.