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.”

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 has established a strong reputation in the Southeast as a leader in multifamily housing development,” said Paul Woodworth, president of SunTrust Community Capital. “North Grove continues Prestwick’s tradition of delivering quality, affordable housing to areas that need it most, and we are pleased that SunTrust Community Capital can help make this happen.”

Prestwick began redevelopment of the property in June and is expected to complete work by summer of 2016.