NORCROSS, GA—The owner of two apartment communities in the Atlanta suburb of Norcross have closed on a $22-million bridge loan that will finance exterior and interior renovations at the properties.

Pembrook Capital LLC of New York City provided the bridge loan for the capital improvements at the Centre at Peachtree Corners and Summit at Dawson, which total 434 units combined. The borrowers, a joint venture between Audubon Communities and Five Mile Capital, will utilize the financing to complete the renovation of both complexes and reposition the properties into affordable Class A assets, Pembrook Capital states.

"Pembrook remains keenly interested in financing projects in emerging markets and this transaction represents exactly what we look for," says Stuart J. Boesky, CEO of Pembrook. "We're confident that ownership will achieve long-term success and maximize the value of both properties once renovations are complete."

Centre at Peachtree Corners, located at 1500 Holcomb Bridge Road in Norcross, is a 272-unit multifamily complex off Peachtree Parkway that was built in 1972. Summit at Dawson is a 162-unit multifamily community located at 1400 Chase Lane in Norcross that was completed in 1983. The business plan for both properties is to finish the remaining capital improvements and lease up the units.

The exterior renovations to both properties include new roofs, siding, replacement of all windows and exterior doors, repainting and replacement of wood railings and stairways where needed. Interior unit renovations include new kitchens, new bathrooms, new appliance package and new mechanicals. The club houses and common areas for both properties will also be improved.