NORCROSS, GA—The owner of two apartment communities in the Atlanta suburb of Norcross have closed on a $22-million bridge loan that will finance exterior and interior renovations at the properties.

Pembrook Capital LLC of New York City provided the bridge loan for the capital improvements at the Centre at Peachtree Corners and Summit at Dawson, which total 434 units combined. The borrowers, a joint venture between Audubon Communities and Five Mile Capital, will utilize the financing to complete the renovation of both complexes and reposition the properties into affordable Class A assets, Pembrook Capital states.

"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."