Clinton, MA — Cornerstone Realty Capital recently arranged $1.9 million in financing for a mixed-use property. The property, located in Clinton, MA, consists of 16 apartments and two commercial spaces. The apartments feature a mix (4) one-bedroom and (12) two-bedroom units, all of which have undergone recent renovations including updated appliances, new cabinetry and new flooring.
The commercial spaces average about 2,300 square feet and feature wood flooring and a brick exterior.Parking is available behind the building, making the retail spaces even more appealing to the public.
Located in Worcester County, Clinton is the quintessential, charming small New England town. Established during the Industrial Revolution, Clinton was originally the Mill District of Lancaster, the bordering town to the north, due to the location of the Nashua River and the Wachusett Reservoir within the town. Today, residents can use the reservoir for its hiking trails and walking routes.
The property is situated in an especially ideal location for residents of both the apartment and retail spaces due to the close proximity to surrounding activities. Residents will enjoy having the town’s popular Central Park only a three-minute walk from the front doorstep, along with a gym and bank located directly across the street. With Nashoba Valley and Wachusett Mountain each just a short drive away, residents will have an endless amount of entertainment options nearby. Retailers will particularly enjoy being located by two main roadways: Route 110 and Route 62, which both run by the property. Interstate 495 is located approximately 6.9 miles east, giving residents access to a number of key employment regions, including Worcester, Lowell and Andover.
Patrick Brady, Vice President of Cornerstone, added that, “The placement of this mixed-use building within Clinton coupled with its recent renovation presents an attractive opportunity for residents of both the retail and residential spaces to truly utilize all of the activities, indoors and out, this area offers. We were able to obtain a loan structure with an aggressive rate and the ability to recapture equity invested at the property which was advantageous to our client.”
Cornerstone was able to secure a fixed rate loan through one of their correspondent lenders with 30 year amortization.