HOOKSETT, NH — Cornerstone Realty Capital recently arranged $6.7 million in financing for Merrimack Heights in Hooksett, NH. The property consists of two connected apartment buildings home to 70 apartments.
The unit mix is comprised of a mix of (2) studios, (14) one-bedroom, and (54) two-bedroom units. The building will be undergoing renovations, making it an even more desirable place of residence. Parking is available to tenants for an additional cost, with a ratio of 1.56 spaces per unit.
Located in Merrimack County, Hooksett has experienced steady population growth, with a 4.39% increase from 2010 to 2017. The population is estimated to continue to grow by an additional 3.61% by 2022. Hooksett is positioned in an ideal location for residents looking for a short commute to two of New Hampshire’s largest cities, Manchester and Concord.
With Manchester situated approximately 9 miles south and Concord approximately 11 miles north, tenants have access to a wide variety of employment, entertainment, and dining options a relatively short drive away. Both cities can be accessed via Interstate 93, which can be picked up within a mile northeast of the property. Several other major roadways are located nearby the property as well, including US Route 3, found about one mile north of the property and Interstate 293, which gives access to Manchester-Boston Regional Airport about 15 miles south. Due to its strategic positioning, steady population growth, and potential for further property development in the surrounding area, Merrimack Heights is an ideal place of residence.
Patrick Brady, Vice President of Cornerstone, added that, “Merrimack Height’s location allows residents to enjoy the opportunities of two of New Hampshire’s predominant urban locations, Manchester and Concord. The property provides painless access to these centers’ growing entertainment and dining industries as well as a plethora of employment possibilities.”
Cornerstone was able to deliver a fully amortizing fixed rate financing structure.