ALPHARETTA, GA-Developer Stonewood Partners LLC has received $26.6 million in financing for the acquisition and development of Stonewood Village Shopping Center on Windward Parkway. With the financing, the developer will renovate the 107,000-sf center formally anchored by Ingles, add 34,500 sf of new retail space and create two outparcel sites.

The financing was arranged by CharterREcapital, LLC. The single-tier loan will fund 99% of the project cost, which is $28 million, Jim Hanson, of CharterREcapital, tells GlobeSt.com. "This deal was unique in that we were able to secure almost all of the funding needed for the project," Hanson says.

The developer plans to begin work in about two months on the project, which will include renovation of the existing facade. Of the two new outparcels, one will likely be leased to a bank and the other to a fast food restaurant. The center is currently 30% occupied, with a 32,000-sf junior anchor space leased to an antique store.

Hanson says the center is located near GA 400, which is the main north/south corridor north of Atlanta. "There is about three million sf of office and retail space in that area," he says. "It is an upper income residential area with average home price well over $400,000 and median income close to $100,000 per household."