Schedule IV

Preferred Apartment Communities, Inc.

Mortgage Loans on Real Estate

December 31, 2021

Description

Property Name

Location (MSA)

Interest Rate

Maturity Date

Periodic Payment Terms

Prior Liens

Face Amount of Mortgages (in thousands)

Carrying Amount of Mortgages (in thousands)

Principal Amount of Mortgages Subject to Delinquent Principal or Interest

Real Estate Construction Loan on Residential Properties:

The Platform

San Jose, CA

11.5%

8/13/2022

(1)

8.5 / 3.0

—

$

137,616

$

136,061

$

—

Vintage Horizon West

Orlando, FL

14.0%

10/11/2022

(2)

8.5 / 5.5

—

10,900

9,828

—

One Nexton

Charleston, SC

11.0%

12/16/2022

(6)

11.00 / 0.00

—

6,265

—

Vintage Jones Franklin

Raleigh, NC

14.0%

11/14/2023

(2)

8.5 / 5.5

—

10,000

8,989

—

The Hudson

Orlando, FL

13.0%

9/1/2024

(4)

8.5 / 4.5

—

16,791

13,873

—

Solis Cumming Town Center

Atlanta, GA

14.0%

9/3/2024

(2)

8.5 / 5.5

—

20,681

18,153

—

Club Drive

Atlanta, GA

13.0%

2/11/2025

(4)

8.5 / 4.5

—

23,150

5,551

—

The Menlo II

Jacksonville, FL

12.0%

4/14/2025

(3)

8.5 / 3.5

—

16,610

4,500

—

Beaver Ruin

Atlanta, GA

13.0%

5/3/2025

(4)

8.5 / 4.5

—

9,133

—

Populus at Pooler

Savannah, GA

12.75%

5/27/2025

(5)

8.5 / 4.25

—

15,907

2,104

—

Populus at Pooler Capital

Savannah, GA

12.75%

5/27/2025

(5)

8.5 / 4.25

—

1,169

946

—

Total

—

268,222

206,270

—

Unamortized loan origination fees

—

(1,755)

—

Allowances for expected credit losses

—

(8,095)

—

Carrying amount

$

—

$

268,222

$

196,420

$

—

(1) Fixed rate, interest only, 8.5% payable monthly and 3.0% accrued

(2) Fixed rate, interest only, 8.5% payable monthly and 5.5% accrued

(3) Fixed rate, interest only, 8.5% payable monthly and 3.5% accrued

(4) Fixed rate, interest only, 8.5% payable monthly and 4.5% accrued

(5) Fixed rate, interest only, 8.5% payable monthly and 4.25% accrued

(6) Fixed rate, interest only, 11% payable monthly until June 16, 2022, and then 13% payable monthly until December 16, 2022