Manchester, NH Cornerstone Realty Capital has arranged $9.85 million in financing in two transactions.
Cornerstone arranged $7.5 million for the refinance of a 64-unit mixed use property in Manchester. The building is characteristic of late 19th century construction. The exterior features a decorative finish incorporating granite and stone designs. The 3 contiguous buildings feature 21 commercial units and 43 residential units. The residential unit mix includes 15 studios, 20 one-bedroom, and 8 two-bedroom apartment units. Three penthouse apartments can be found on the upper floors. These units each consist of two floors and include an in-unit washer and dryer. The property also includes 45 parking spaces in the rear of the buildings.
The building occupies a portion of an entire city block in the financial and entertainment districts of the city. Many amenities can be found close by including Manchester City Hall, the Verizon Wireless Arena, city parks, restaurants and shops. The property also provides access to I-293, I-93 and Rte. 101 allowing for rapid travel to and from neighboring towns.
Paul Natalizio, president at Cornerstone, said, “Manchester is a hot market right now, and the property is in an ideal location. Tenants are within walking distance of an incredible amount of the diverse amenities that Manchester has to offer, paired with restaurants, and quality retail, all made the property an attractive refinance for our client.”
Cornerstone was able to deliver an aggressive fixed rate structure with a 10-year term and a 30-year amortization.
Also, Cornerstone arranged $2.35 million in financing for its client to acquire and renovate an existing single family brownstone in Charlestown, Mass. The building renovations will result in three condominium units including, two 3-bedroom/2.5 bath, and one 2-bedroom/1.5 bath, which is a unique offering in Charlestown.
The property after renovation will consist of 3 residences, where the design and finishes have been curated for modern city living. Charlestown restaurants, shops, groceries, public transportation and workplaces are within walking distance from the property. Although each unit varies slightly, all condos offer custom cabinets, appliances, high efficiency air conditioning and on-demand hot water systems. Storage in each unit make the homes livable.
The subjects’ neighborhood characterizes a well-developed residential area located across from Winthrop St., which represents a desirable area. Charlestown has an improving economic climate where both sale prices and activity have increased. The property is also across the street from Winthrop Sq. Park and The Freedom Trail, which cuts through the city. It has access to the Community College MBTA station, as well as I-93, Rte. 1, which provide linkage to employment centers, and local amenities.
Brett Pagani of Cornerston said, “Charlestown has consistently proved to be a wonderful location for residents to live and the subject properties characteristics combined with positive long-term prospects for the neighborhood were all factors in lenders showing significant interest. This allowed us to provide the most competitive pricing in the marketplace for our client.”
Cornerstone specializes in structuring and sourcing innovative financing for all property types.