Reading, MA — Cornerstone Realty Capital recently arranged $16 million for the refinance of a garden-style apartment property in Reading, MA.
The property features 112 units spread between four buildings with a unit mix of (3) studios, (72) one-bedroom units and (37) two-bedroom units. All of the units that are located on the second and third floors feature a private balcony, each building possesses its own shared laundry facility, and the property has 136 off-street parking spaces.
Roughly half of units have been updated with improvements including updated electrical systems, new windows, and the addition of ceramic tiles and new vanities in the bathrooms. Kitchen upgrades include new cabinets, granite countertops, tile backsplashes and new stainless-steel appliances which include microwaves and dishwashers.
Located in Middlesex County about 12 miles north of Downtown Boston, Reading is a quiet suburb known for its award-winning schools and outstanding town services. Reading is the quintessential small, New England town with its colonial-style homes and close-knit community, making it an ideal place for families to call home. With the Reading Depot MBTA station a short walk from the property, commuters will have no problem readily getting in and out of the city via the 25-minute commuter rail ride. Interstate 93 and Interstate 95 are each found approximately 0.75 miles from the property, giving tenants access to surrounding towns such as Burlington, Woburn, and Lynnfield.
The property is also within walking distance to Reading center which is filled with a number of coffee shops, banks/ATMs, a Rite Aid and a CVS, a gym, restaurants and more. Additionally, a grocery store, furniture store and Home Depot are found a short half-mile drive down the road. Outdoor enthusiasts and families will love having Washington Park close by which features a playground, tennis courts, a baseball field and wide-open fields. With its proximity to major roadways and public transportation, the number of shopping and dining options nearby, and its award-winning community aspects, Reading and the subject property are highly appealing locations for those who work in the city but would prefer to live in a quieter, more community-focused neighborhood.
Paul Natalizio, President of Cornerstone, stated that, “The central location of this property in the midst of the town center and within 100 yards of the highly trafficked commuter rail station presents an attractive dynamic to tenants who prioritize flexibility and affordability in conjunction with the neighborhood amenities Reading provides. This fact coupled with the experience of the Borrower within the submarket and at the subject property compelled lenders to present flexible and favorable loan terms.”