Whitman, MA — Cornerstone Realty Capital recently arranged $5.8 million in financing for an apartment building in Whitman, MA. The 3-story property features 45-units, a mix of (15) one-bedroom, one-bathroom units, (12) two-bedroom, one-bathroom units, and (18) two-bedroom, two-bathroom units.
All of the apartments come fully equipped with stainless steel appliances, granite countertops, in-unit laundry, abundant closet space, and hardwood floors, while select units also feature a private balcony and in-home office space. The property includes a fitness center with state-of-the-art equipment, sufficient parking and additional storage space for purchase.
Whitman is located in Plymouth County, just about 24 miles south of Boston. With a population of approximately 15,000 people, Whitman is an up and coming area as more people continue to move into the suburbs as rental prices continue to soar in Boston and its surrounding area. The property is located just under a mile and a half away from the Whitman MBTA Station, making it the perfect place of residence for tenants who work in the city.
Situated near the intersection of Route 18 and Route 27, the property offers commuters access to both Route 24 and Route 3, both of which lead straight to Boston, but also connect to major cities including Brockton, Quincy, New Bedford, Cape Cod, and Cambridge. Within the immediate area are a few colleges, such as Massasoit Community College, located 2.9 miles away, Bridgewater State University, located 6.8 miles away, and Stonehill College, located 8.1 miles away. Due to its close proximity, the property is also an ideal place of residence for students looking for a short commute to campus.
While mostly a quiet suburb, the area includes a variety of dining and entertainment options both within Whitman and in popular nearby towns, such as Weymouth and Hingham. As more people are being priced out of Boston, Whitman is becoming a highly desirable area to live in with affordable apartments, close proximity to employment centers, and the presence of an MBTA station within town.
Patrick Brady, Vice President of Cornerstone added, “The closing of this transaction is further evidence that for strong deals with experienced operators, lenders are continuing to get aggressive on terms, not only just in Boston, but in the suburbs as well. Our lenders continue to cycle in and out of the market with opportunities to offer clients attractive terms and creative financing structures. The market was tremendously competitive for the acquisition financing of the property, and Cornerstone was able to deliver a long-term, fixed rate financing structure with thirty-year amortization.”
