Shrewsbury, MA – Cornerstone Realty Capital recently arranged a $53.285 million construction facility on behalf of Edgemere Crossing Residential LLC, a joint venture between The Dolben Company, Inc and Belmont Capital.
The proceeds will be used for the construction of a multifamily property in Shrewsbury, Massachusetts known as Edgemere Crossing. The site is located on what was formerly the Edgemere Drive-In movie theater. The project will include nine residential buildings for a total of 250 apartments and a freestanding Clubhouse/Leasing Office building with a model unit, great room, conference area, kitchen area, and fitness center.
The exterior of all buildings will feature stone veneer, a combination of vinyl horizontal and vertical siding, and asphalt roof shingles. Outdoor amenities will include a dog park, fire pit, BBQ area, swimming pool, and grassed & wooded areas with seating and walkways.
Once construction is complete, the property will consist of (116) one-bedroom/one-bathroom units and (134) two-bedroom/two-bathroom units. Each apartment will have natural gas-fired hot air heating and hot water with central air conditioning, as well as Nest Thermostats. The units will feature granite countertops and stainless-steel appliances in the kitchens with vinyl plank flooring throughout. The bathrooms will highlight ceramic tile floors with ceramic tile surrounds in the showers. Residents will benefit from in-unit washers and dryers, as well as either a balcony or a patio. This project is associated with a larger 65-acre development site, of which 27.7 acres of woodlands and wetlands along Flint Pont and its floodplain will remain undeveloped. The development footprint is 41.3 acres and will include a brand-new Market Basket supermarket and other smaller retail uses.
The property is located in Shrewsbury, only minutes away from Worcester, a city that boasts more students per capita than any other major city in North America. With a population of approximately 35,600, Shrewsbury is the second-largest municipality in Worcester County. The property is extremely well located, situated at the corner of Hartford Turnpike, with easy access to the Massachusetts Turnpike. With close proximity to major roadways and public transit, Shrewsbury is a viable option for residents looking for a home nearby to two of the area’s major employment hubs, Worcester, just a quick drive away, and Boston, about a 45-minute drive from the property. The MBTA’s Grafton Station on the Framingham/Worcester Commuter Rail line is located just 3.2 miles from the property, providing direct access into Worcester and Boston’s South Station. Tenants are also nearby to numerous retail and entertainment options located along Route 20.
“We are excited to be adding a new housing opportunity to Shrewsbury at Edgemere Crossing,” said Andrew Dolben, Executive Vice President of DOLBEN, “the Cornerstone team was instrumental in helping us find the optimal financing to facilitate the project.”
Cornerstone delivered an exceptionally low, floating rate with 36 months of interest only followed by a 30-year amortization schedule.