Amesbury, MA—Cornerstone Realty Capital recently arranged $5.7 million in financing for the acquisition of the Briggs Mill apartment complex in Amesbury, MA. Briggs Mill, which was converted in 2014 from a former mill building, contains (44) apartments, comprised of (18) studio units, (14) one-bedroom, one-bathroom units and (12) two-bedroom, one-bathroom units.
Averaging approximately 657 square feet, all units feature stainless-steel appliances, ample closet space and hardwood floors in the kitchen and living room. Building amenities include a community room with a kitchenette and entertainment area, storage units and a state-of-the-art fitness center. The building includes 72 parking spaces, an average of 1.63 spaces per unit.
Located in Essex County, Amesbury sits on the border of New Hampshire at the northernmost point of Massachusetts. With a population of approximately 16,000, Amesbury is known for its small, tight-knit community feel within an urban setting.
Rich with history dating back to the industrial revolution, many of the town’s old mill buildings are still intact, converted to stores, working spaces and charming apartment complexes. Amesbury has three public lakes and the Merrimack and Powwow rivers running through the city, but residents can also find the coast a short drive away in the neighboring towns of Newburyport and Salisbury.
With Boston 40 miles south, Andover 22 miles south, and Portsmouth 20 miles north, residents have access to multiple major metropolitan employment regions available just a short distance away. Accessed via Interstate 495, which runs west of the city, Massachusetts Route 110, which connects directly to Interstate 95, or via the commuter rail on the Newburyport/Rockport line, multiple lines of transportation can be utilized.
Paul Natalizio, President of Cornerstone, added that “Briggs Mill in Amesbury offers tenants spacious units with attractive features such as exposed brick and high ceilings in a desirable location proximate to both Massachusetts and New Hampshire employment hubs. The quality of the units and the fact that the property draws tenants from many areas allowed our client to receive a strong financing package provided by the lender.”
Cornerstone was able to deliver a low fixed rate financing structure with two years of interest only followed by thirty-year amortization.