Prestwick Cos. Secures $24.3M Financing from SunTrust for Apartment Redevelopment

ATHENS, GA. — Prestwick Cos. has secured $24.2 million in financing from SunTrust Bank and SunTrust Community Capital (STCC) to redevelop an apartment complex in Athens. Atlanta-based Prestwick will use the proceeds to redevelop North Grove Apartments, an affordable 127-unit property. Financing for the project includes a $13.5 million equity investment from STCC and construction loans totaling $10.8 million from SunTrust Bank. 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 is expected to complete work by the summer of 2016.