Hudson, MA — Cornerstone Realty Capital recently arranged $2.2 million for the refinance of a 32-unit mixed-use property in Hudson, MA.
The garden-style property consists of (28) apartments, a mix of (21) studio units, (4) one-bedroom/one-bathroom units, and (3) two-bedroom/one-bathroom units, as well as (4) commercial spaces.
This building features hardwood floors in the living room and tiled flooring in the kitchen of the apartments. The commercial units, which takes up the first floor of the building, includes ample retail space at approximately 888 square feet per unit. The building features an elevator and paved open parking, as well as beautiful views of the downtown area.
Located in the heart of Hudson on Main Street, the property is a desirable location for both residents and retailers alike. Tenants will love having more than a dozen local restaurants and shops within walking distance of the property, while businesses will enjoy being in a high-traffic area. Hudson has recently begun to experience a re-growth throughout the town, leading to more businesses opening up in the downtown area and increasing its small-town appeal to families and renters being priced out of Boston. Hudson possesses a great geographical location for residents of both the apartments and commercial units with Interstate-495 located just 4.3 miles west of the property and Massachusetts Route 85 located about 5 miles south.
The Southborough Commuter Rail on the Framingham/Worcester line sits approximately 7 miles southeast of the property, giving easy access to the two largest Massachusetts major metropolitan areas: Boston and Worcester. Outdoor enthusiasts will enjoy having a multitude of options in the surrounding location, with Honey Pot Hill Orchards about 3 miles from the property, the Assabet River running nearby, and hiking trails in both Memorial Forest, around 8 miles away, and Mount Pisgah Conservation only 7 miles away. Charming and full of history, Hudson is proving to be an up and coming suburb.
Patrick Brady, Vice President of Cornerstone, added that, “The placement of this mixed-use building within Hudson in the epicenter of the town’s growing commercial district presents an attractive opportunity for residents of both the retail and residential spaces to truly utilize all this area has to offer in terms of shopping, leisure, and outdoor activities. We were able to obtain a loan structure with an aggressive rate and an interest only period at the request of our client.”
Cornerstone was able to deliver a competitive fixed-rate financing structure with 12 months interest only followed by 30-year amortization.