Pembrook backs Atlanta properties

The $22m bridge loan will finance renovations of two properties held by Audubon Communities and Five Mile Capital. 

Pembrook Capital Management has provided a $22 million bridge loan that will finance the renovations of two residential properties located in an Atlanta suburb.

The Norcross, Georgia properties are held by a joint venture between Audubon Communities and Five Mile Capital, a Stamford and New York-based real estate investment firm.  The properties – Centre at Peachtree Corners and Summit at Dawson – were built in 1972 and 1983 respectively and include 434 units.

The renovations will install new roofs, siding, windows and exterior doors, kitchens, bathrooms, appliances and mechanicals, as well as provide fresh coats of paint and replacements for old wood railings, according to a statement.

 “We‘re confident that ownership will achieve long-term success and maximise the value of both properties once renovations are complete,” said Pembrook chief executive officer Stuart Boesky in a statement.

Pembrook specialises in providing first mortgages, bridge, mezzanine and preferred equity financing to transitional properties located in major US markets. The firm has invested roughly $700 million since its inception in 2006.

For a deeper look at Boesky, Pembrook and the firm’s investment strategy, check out the June issue of Private Debt Investor.