Cornerstone Realty Cap. arranges $2.2m to refinance mixed-use prop.

Hudson, MA Cornerstone Realty Capital has arranged $2.2 million for the refinance of a 32-unit mixed-use property. The garden-style property consists of 28 apartments, a mix of 21 studio units, 4 one-bedroom/one-bathroom units, and 3 two-bedroom/one-bathroom units, as well as four commercial spaces. 

The building features hardwood floors in the living room and tiled flooring in the kitchen of the apartments. The commercial units, which takes up the first floor of the building, includes retail space at 888 s/f per unit. The building features an elevator and paved open parking, as well as views of the downtown area.

Located on Main St., the property is a desirable location for both residents and retailers alike. Tenants will have a dozen local restaurants and shops within walking distance, while businesses will enjoy being in a high-traffic area. 

Patrick Brady, vice president of Cornerstone, said, “The placement of this mixed-use building within Hudson in the epicenter of the town’s growing commercial district presents an attractive opportunity for residents of both the retail and residential spaces to truly utilize all this area has to offer in terms of shopping, leisure, and outdoor activities. We were able to obtain a loan structure with an aggressive rate and an interest only period at the request of our client.”

Cornerstone was able to deliver a competitive fixed-rate financing structure with 12 months interest only followed by 30-year amortization.