Freddie Mac bought a $27-million refinancing package from Melody on the 455-unit, eight-year-old Wellington Ridge Apartments in Gwinnett County. In a separate deal, Morgan Stanley loaned $5 million on the 95,594-sf, 15-year-old Alpharetta Crossings in suburban Alpharetta, GA.
In the Wellington Ridge deal, owner Double Ridge Ventures LLC received a floating rate loan that "will allow the property owner additional flexibility for future hold and sell decisions as the Atlanta apartment market continues to strengthen," says W. Tracy Kennedy in Melody's Austin office. Kennedy found the funding.
"Freddie Mac offered an attractive seven-year capped ARM structure, featuring an interest rate cap with the cost embedded in the interest rate," he says. However, Kennedy didn't disclose the interest rate. The class A property has a net rentable area of 479,880 sf.
In the Alpharetta financing, Morgan Stanley provided the funding for the borrower, ALG Limited Partnership, an affiliate of Washington, DC-based Stavins & Axelrod Properties. Geoffrey Rice, a director in Melody's New York office, brokered the deal.
"Originally developed as a traditional grocery-anchored center, the property has transitioned into a specialty shopping center, with emphasis on leisure activities and dining," Rice says. The two-building shopping center, located on a 10-acre site on the southwest intersection of Haynes Bridge Road and GA 120, is 100% occupied. The center's surface parking lot has 553 spaces.
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