Prestwick Companies, a development, construction and investment group specializing in multifamily housing, announced today that it secured more than $24 million in financing from SunTrust Bank and SunTrust Community Capital (STCC). The proceeds will be used to transform an aging Athens apartment complex into the North Grove.
Apartments, a modern, affordable, 127-unit housing option for low-income families.
Financing for the project includes a $13.47 million 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 Companies. “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.”
Source: Published: Athens CEO