Lynn, MA — Cornerstone Realty Capital recently arranged $6.4 million for the refinance of a 55-unit apartment building in Lynn, MA.
Located at 16 Newhall Street in Lynn, a suburb just north of Boston, the building consists of a unit mix of (7) studios, (38) one-bedroom and (10) two-bedroom units. Parking is available to tenants for an additional cost.
Located in Essex County, Lynn is the ninth largest municipality in Massachusetts with a population of approximately 90,000. Rich with culture and history, residents will enjoy many landmarks throughout the city and its charming, iconic architecture. Tenants will find they are never far from the water, with the beach less than a mile walk away from the property, and the beautiful beach town of Nahant about 3 miles to the south.
16 Newhall Street is a little over a quarter of a mile away from North Shore Community College, making it the perfect location for students looking for a short commute. With Boston located about 11 miles south and Danvers about 11 miles north, the property is positioned with access to key employment regions. Commuters can pick up the MBTA commuter rail on the Central Square – Lynn stop on the Newburyport/Rockport line, or walk about 2 minutes to the bus stop from the building’s front door. Massachusetts State route 1A, which travels from Attleboro, RI through Boston up to the New Hampshire border, Route 107, Route 129 and Route 129A all pass through Lynn as well.
Patrick Brady, Vice President at Cornerstone said “The Borrower has invested significant capital since acquiring the building which has resulted in a desirable asset with 100% occupancy. 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 loan through one of their correspondent lenders with an initial fixed rate period followed by a floating rate. The first 12 months will be interest only, followed by 30 year amortization.