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WOODSTOCK, GA-The 160-acre Ridgewalk Land located along Interstate 575 has received $18 million in refinancing. The 15-month loan was provided by Chicago-based Wrightwood Capital and sourced through a direct relationship between the lender and the land owner, Atlanta-based Ridgewalk Holdings LLC. The land is a combination of various parcels assembled over the last 10 years and originally covered more than 340 acres.
"The refinancing was to take out some existing debt and to provide some additional dollars to do site work to facilitate the sale of some of the land," Wrightwood Capital senior regional director, investments Frank Sullivan tells GlobeSt.com.
Several tracks have already been sold and are currently being developed for residential use including Alta at Ridgewalk, a 340-unit apartment complex, and Magnolia at Ridgewalk, a 252-unit townhouse project. The owner plans to sell a portion of the remaining parcels for retail, mixed-use and residential developments, according to Sullivan.
Ridgewalk Holdings is a real estate company with expertise in multifamily, industrial, retail and mixed use developments, as well as entitlements. Ridgewalk Holdings is evaluating its options and may develop some of the land itself or in partnership with other companies, he says.
Located about 30 miles northwest of Downtown Atlanta, Woodstock is an older community that has undergone redevelopment over the past 10 years with several new retail, single-family and multifamily developments planned or under construction in the area. A full intersection is planned for Ridgewalk Parkway and Interstate 575, which will allow direct access from the Ridgewalk Land to the interstate and facilitate new development in the area.
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