NORCROSS, GA—The owner of two apartment communities in theAtlanta suburb of Norcross have closed on a $22-million bridge loanthat will finance exterior and interior renovations at theproperties.
Pembrook Capital LLC of New York City providedthe bridge loan for the capital improvements at the Centreat Peachtree Corners and Summit atDawson, which total 434 units combined. The borrowers, ajoint venture between Audubon Communities andFive Mile Capital, will utilize the financing tocomplete the renovation of both complexes and reposition theproperties into affordable Class A assets, Pembrook Capitalstates.
"Pembrook remains keenly interested in financing projects inemerging markets and this transaction represents exactly what welook for," says Stuart J. Boesky, CEO of Pembrook."We're confident that ownership will achieve long-term success andmaximize the value of both properties once renovations arecomplete."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
