Georgetown, MA — Cornerstone Realty Capital recently arranged $1.3 million for the refinance of a 16-unit apartment building in Georgetown, MA.
The two-story building includes (16) units, a mix of (1) studio, (2) one-bedroom/one-bathroom units and (13) two-bedroom/one-bathroom units. All units feature carpet in the bedrooms and hardwood flooring in the living room. Kitchens include stainless steel sinks, tile backsplash and wooded cabinetry.
Recently, the building has experienced new updates, giving it a competitive advantage within the immediate marketplace. Tenants enjoy having an individual storage unit in the basement included in rental pricing, as well as having 30 parking spots available
Georgetown is a quintessential small, quiet New England town in the North Shore region of Massachusetts. With a population of approximately 8,700, the majority of the town is comprised of families due to its great school system, proximity to numerous entertainment options and ease of accessibility to key employment regions.
Boston is located about 30 miles south, accessed via Interstate 95 which is located just under 3 miles from the property, or the commuter rail stop in neighboring town Rowley. Both Lawrence and Andover are located about 10 miles west of Georgetown, while Portsmouth, NH is about 30 miles north. Located on either side of the property are the town’s two popular ponds, Rock Pond and Pentucket Pond Outlet Reservoir. Residents enjoy having some of the North Shore’s best beaches and beach towns just a short drive away, like Plum Island in nearby Newburyport and Ipswich. Georgetown has seen an increase in interest due to many young professionals and families being priced out of the city and moving into the suburbs. A hidden gem outside of Boston, Georgetown is a beautiful place to reside.
Paul Natalizio, President of Cornerstone, added that, “The strength of the Borrower coupled with the consistency of the property’s performance since its acquisition made this deal incredibly appealing to a range of lenders, which, in turn, allowed our client to custom-tailor their terms to fit their individual needs.”
