Cornerstone Realty Capital Arranges $14.3M Acquisition Loan for Apartment Complex in Amesbury
AMESBURY, MASS. — Cornerstone Realty Capital has arranged $14.3 million in acquisition financing for the Residences at Riverwalk at 1 River Court in Amesbury, 40 miles north of Boston. The borrower was undisclosed. The complex features two buildings that were originally part of a mill built in 1918, but converted into apartments in 2006. Combined there are 87 units averaging around 1,041 square feet each. Amenities include a fitness center, shared library and great room with entertainment space. A local bank provided the fixed-rate financing with two years of interest-only payments followed by a 30-year amortization.