Woonsocket, RI Cornerstone Realty Capital arranged $2.6 million in financing for an apartment complex, known as Peters River Residences, that includes 36 two-bedroom, one-bathroom apartments spread amongst three buildings. Each unit includes an open living room-kitchen concept with a dishwasher and lots of cabinet space in the kitchen and wall-to-wall carpeting in both the living room and bedrooms. Each unit also comes with 2 parking spaces.
Patrick Brady, vice president of Cornerstone led the financing for this deal. He said, “This acquisition is another example of the rising housing market in Rhode Island where property values continue to climb due to the limited inventory of desirable housing such as Peters Rivers. Its location between Providence, Worcester, and Boston provides mobility in addition to its affordability and comfort.”
Cornerstone was able to deliver a fixed-rate financing structure with 30-year amortization.