ABINGTON, MA — Cornerstone Realty Capital recently arranged $11,100,000 in financing for The Claremont Living, LLC for the acquisition and renovation of Abington Glen Apartments. The property is one wrap-around building located at 500 North Quincy Street.
The apartments sit on 6.85 acres of land, which also includes ample surface parking, a fitness center, tennis & basketball courts, and an outdoor grilling area. The unit mix at the property is 42 one-bedroom (780 SF) and 48 two-bedroom (970-1,110 SF) apartments.
Thomas Bendheim, Manager of The Claremont Living, LLC shared, “Cornerstone worked with us from due diligence to closing and provided guidance and support throughout the process. They were able to tailor lenders around our ideal structure and meet our financing needs. They were also able to deliver an extremely aggressive rate which will further enhance the strength of the project.”
Abington is in a great location, in Northern Plymouth County, and is in close proximity to Boston, the South Shore, and Cape Cod. Only 20 miles south of Boston, Abington is a short commute to and from the city and its surrounding employment hubs. The apartments are located just 3.8 miles from Rte. 24, which quickly connects residents to Rte. 128. The property is also serviced by two commuter lines; the Montello station, which is 5 minutes away, and Abington station, a 10-minute ride. Both lines are a half hour ride from South Station. The access to commuter rails and major roadways makes Abington a great location for South Shore commuters.
Paul Natalizio, President of Cornerstone, commented that, “The property has a great location, and with their industry experience, the Borrower has a great opportunity to add value to a quality asset.”
Cornerstone was able to deliver an aggressive fixed rate with 30-year amortization and a period of interest only.