SALEM, NH — Cornerstone Realty Capital arranged $37.7 million in financing for The Dolben Company, Inc.’s development of a 256-unit market rate apartment community in Salem, NH.
The apartment complex will consist of four residential buildings, a 5,500-square foot clubhouse, an outdoor swimming pool, grilling area, and play area. Each of the four residential buildings will have wood frames, pitched roofs, and a mix of synthetic stone and vinyl siding. There will be an elevator servicing each building.
Inside the clubhouse will be an onsite leasing office, fitness room, business center, model unit, and recreation room for resident use. Unit finishes will include granite counters, kitchens with stainless steel front appliances, in-unit laundry, and a private balcony or patio. The unit mix will be a combination of studios, one-bedroom/one-bath units, and two-bedroom/two-bath units. Square footage will vary depending on the unit style ranging from a 567-square foot studio to a 1,088-square foot two-bedroom unit. There will be ample surface parking on site with a ratio of 1.7 spaces per unit.
Salem is located in Rockingham County in New Hampshire with a population of approximately 30,000 people. Located just over the New Hampshire border, Salem possesses a great geographical location for residents. Boston is 32 miles south, Manchester is 23 miles northwest, and Nashua is 15 miles to the west. With Interstate 93 running through Salem and Interstate 495 to the southeast, residents have easy access to the aforementioned major metropolitan employment regions. This development is the beginning phase of a 170-acre residential and commercial community at Rockingham Park. Salem is one the largest retail markets in New Hampshire and home to Canobie Lake Park and America’s Stonehenge.
Paul Natalizio, President at Cornerstone, said “This will be the first new construction of luxury apartments in Salem in over 20 years. The ease of access to major cities mixed with brand new construction creates a desirable location for residents.”
Cornerstone was able to deliver an aggressive financing structure with an interest only period during construction followed by a thirty year amortization.