Berkeley Point Capital closed a $19.7 million fixed-rate loan for the acquisition and renovation of the 180 unit Ashford Crossing development in Shrewsbury, Massachusetts.
The 12-year loan, secured through Fannie Mae, closed with a 6-year interest-only period.
The property is a garden-style apartment complex comprised of 15 three-story residential buildings, as well as a clubhouse including a pool, tennis courts, a playground, and fitness center.
The borrower plans an extensive multi-year interior and exterior renovation that will include upgrades to all kitchens and bathrooms as units turnover. The loan proceeds provided the capital for the planned improvements.
“This market has been showing tremendous growth due to an increase in employment, well-respected school system, and excellent transportation network,” said Ed Belz, Managing Director with Berkeley Point Capital’s Boston, office.