READING, MA — Cornerstone Realty Capital arranged $12,000,000 in financing for its client Trident Management allowing for the acquisition of Reading Depot Apartments. The property contains 8 twelve-unit brick buildings located at 132, 138, and 142 Washington Street, 129 Ash Street, 1 High Street, and 25, 31, & 35 Green Street.
All the buildings are located on three adjacent parcels, totaling 2.36 acres and the site includes approximately 120 parking spaces. The unit mix at the property is 3 studio (500 SF), 60 one-bedroom (600 SF), and 33 two-bedroom apartments (750 SF).
Reading is known for its award-winning schools and outstanding town services. The area has a small-town feel yet offers many recreational and cultural opportunities to its residents. Reading is located just 12 miles from the center of Boston. The area is served by the MBTA with the Reading Depot station just 0.1 miles from the subject property. The train brings residents to the center of Boston in just 25 minutes. The property is nearly equidistant from Interstate 93 and Interstate 95. The proximity to major roadways and access to public transportation make Reading a tremendous commuter location.
Paul Natalizio, President of Cornerstone, commented that, “The asset is well-located and the Borrower has the opportunity to add value by renovating the property. Given their area expertise, this will be an excellent addition to Trident Management’s portfolio”
Cornerstone specializes in structuring and sourcing innovative financing for all property types