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."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.