Thu, 19/06/2014 - 06:35
Pembrook Capital Management has closed on a USD22 million bridge loan that will finance the exterior and interior renovation of two residential complexes located in Northern Atlanta.
The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 & 1983 respectively, and include 434 units combined.
The borrowers, a joint venture between Audubon Communities and Five Mile Capital, will use the financing to complete the renovation of both complexes and reposition the properties into affordable Class A assets.
"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, GA is a 272-unit multifamily complex off Peachtree Parkway, roughly 10 miles northeast of Downtown Atlanta.
Summit at Dawson is a 162-unit multifamily community located at 1400 Chase Lane, also in Norcross, GA.
The business plan for both these 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 are also being improved to enhance curb appeal.
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