Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Cornerstone Arranges Loan on Leominster Workforce Housing
Cornerstone Realty Capital recently arranged $7.6 million for the acquisition of Hilltop Garden Apartments, a 120-unit apartment property in Leominster, MA. Buyer and seller weren’t disclosed.
“The lending environment was and continues to be very competitive for strong borrowers with longstanding track records looking to acquiring workforce housing in Massachusetts,” said Patrick Brady, EVP with Cornerstone.
“We were able to secure 80% LTV, and lock-in a very low rate through an interest rate swap, allowing the borrower to be cash-flow-positive at closing, providing flexibility to manage turnover appropriately, renovate units as vacancy occurs and achieve market rents.”
Upon completion of the acquisition, the property’s new owner plans to paint and renovate the kitchens, bathrooms, and flooring in all of the units. The five-building Hilltop Garden complex features amenities including a swimming pool and sundeck, a fitness center and shared laundry facilities.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
