Prestwick Cos. announced it has secured more than $24 million in financing from SunTrust Bank and SunTrust Community Capital (STCC) to transform an aging apartment complex in Athens, Ga.
The Atlanta-based firm’s latest project calls for turning the 127-unit North Grove Apartments into a modern, affordable housing option for low-income families.
Financing includes a $13.47 million low-income housing tax credit equity investment from STCC and construction loans totaling $10.75 million from SunTrust Bank.
“This financing is a key element in Prestwick’s redevelopment of the North Grove Apartments, which will provide much-needed affordable housing options for Athens,” said Jody Tucker, CEO of Prestwick, in a statement. “We believe better housing can transform lives and neighborhoods, and that’s why we’re excited to announce we are one step closer to completing this important development.”
The renovated community will feature one-, two-, and three-bedroom units, as well as modern appliances and upgrades to HVAC systems and water heaters. Remodeling will include improvements to the community room, laundry facility, exercise center, and computer lab. Community amenities such as a business center, picnic pavilion, and playground are also planned.
Prestwick began redevelopment of the property in June and expects to complete work by summer of 2016.
The company is a fully integrated development, construction and investment group. It focuses on developing and renovating family and senior housing communities in the South Central and Southeastern United States.