News: Front Section
Posted: January 19, 2018
Cornerstone Realty Capital arranges $24 million in refinancing of Sunset Ridge Apartment
Manchester, NH Cornerstone Realty Capital arranged $24 million for the refinance of a 240-unit property known as Sunset Ridge Apartments, for their client, Red Oak Property Management, Inc.
Realty Capital
The Sunset Ridge Apartments are situated on 20 acres off Wellington Ave., 4 miles east of downtown. The property consists of 10 three-story apartment buildings. All but one of the buildings were constructed in 1987 with one building built in 2011. The unit mix at the property consists of 60 one-bedroom/one-baths and 180 two-bedroom/one-bath units. All of the units feature a private balcony/patio. Community amenities include a clubhouse with a fitness center, laundry rooms on every floor, outdoor pool, outdoor playground, and grilling area. The property includes 360 parking spaces.
The city is located in Hillsborough County along the banks of the Merrimack River, which divides the city into eastern and western sections. The area is well served with 3 interchanges on I-93 & 7 interchanges on I-293 providing access to Boston, Portland, and New York City. Rail lines connect Manchester to Boston, the Lakes Region, and the White Mountains. Many amenities can be found in downtown including Manchester City Hall, the Verizon Wireless Arena, parks, restaurants and shops.
Paul Natalizio, president at Cornerstone, said, “Manchester is a hot market right now, and the property is in an ideal location. Tenants are a short distance from an incredible amount of the diverse amenities that Manchester has to offer, making this an attractive refinance for our client. Red Oak Property Management, Inc. has done a terrific job managing this asset and will for years to come.”
Cornerstone was able to deliver an aggressive fixed rate structure with a 10-year term and a 30-year amortization.
Cornerstone specializes in structuring and sourcing innovative financing for all property types.
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