Lynn, MA Cornerstone Realty Capital has completed two financing deals totaling $10.8 million.
Cornerstone arranged $6.4 million for the refinance of a 55-unit apartment building. Located at 16 Newhall St. in Lynn, a suburb just north of Boston, the building consists of a unit mix of 7 studios, 38 one-bedroom and 10 two-bedroom units. Parking is available to tenants for an additional cost.
Patrick Brady, vice president at Cornerstone, who lead the financing, said, “The borrower has invested significant capital since acquiring the building which has resulted in a desirable asset with 100% occupancy. We were able to obtain a loan structure with an aggressive rate and the ability to recapture equity invested at the property which was advantageous to our client.”
Cornerstone was able to secure a loan through one of their correspondent lenders with an initial fixed rate period followed by a floating rate. The first 12 months will be interest only, followed by 30 year amortization.
In addition, Cornerstone arranged $4.4 million in financing for the construction of a residential condominium development in Roslindale, Mass. Located at 32 Cummins Highway, the development will include nine condominiums, a mix of 7 two-bedroom, two-bathroom units and 2 two-bedroom, two-bathroom units with a study. Units will range from 990 s/f to 1,243 s/f. All of the condominiums will feature high-end finishes. Kitchens will have granite countertops, custom cabinets, and stainless steel appliances. Bathrooms will feature dark wood vanities and custom tile surround showers. Residents will also benefit from an in-unit washer and dryer. The newly constructed building will feature 12 parking spaces (including 3 covered spaces). One parking space will be allocated to each condominium.
Andrew Saccone, vice president at Cornerstone, who handled the financing, said, “Roslindale Village offers a unique suburban atmosphere within the city of Boston. Residents benefit from the increasing amenities in the area as well as the proximity to greenspace and public transit. It is a highly desirable area which resulted in an exciting development project.”
Cornerstone was able to deliver a full-term fixed rate interest only financing structure.
Cornerstone specializes in structuring and sourcing innovative financing for all property types.