Brady and Pagani of Cornerstone Realty Capital arrange $7.1 million in financings

Patrick Brady, Cornerstone Realty Capital

Brett Pagani, Cornerstone Realty Capital

Westfield, MA Cornerstone Realty Capital, led by vice president Patrick Brady, arranged $3.3 million on behalf of its client for the acquisition of a 40-unit apartment property located at 200 Southwick Rd. The property features a mix of 39 two-bedroom, 1.5 bath apartments and 1 three-bedroom, 1.5 bathroom apartments.

The city of Westfield resides in Hampden County in the Pioneer Valley of Western Mass. The city is dissected by I-90, and in the vicinity of I-91. The city is home to 42,000 residents and is bordered by the metropolitan cities of Springfield, Holyoke and Chicopee. The area has plenty of amenities including Stanley Park which has running and hiking trails, basketball courts, soccer fields, party pavilions, duck ponds and seasonal flower beds. Westfield is also home to Tekoa Country Club which has a top ranked course, and the Amelia Park Children’s Museum.

200 Southwick Road - Westfield, MA

Brady said, “Westfielf is a growing market and bedroom community, that has ties to both the Springfield MA and Hartford CT Metropolitan Statistical Areas, which allows tenants strong access to bountiful employment opportunities.”

Also, Cornerstone Realty Capital arranged $3.8 million in financing for the acquisition/refinance of two multifamily properties in Somerville, Mass. The buildings are set minutes apart and are surrounded by various local amenities in Porter Sq. The unit-mix in the two buildings consists of 16 two-bedrooms, and 1 one-bedroom apartments. Additionally, there are 14 parking spaces, which is a major amenity in the area.

The subject properties are in one of Boston’s hottest markets. Each of the two properties are within blocks of area bus or Red Line MBTA train services. This offers quick and easy access to Boston’s top employers and many major educational institutions. In addition, the properties are in the vicinity of I-93 and Rte. 3, which allows quick access to much of the Greater Boston area. Tenants of both properties can also enjoy a local selection of many dining and retail options in neighboring Porter Sq. or Davis Sq.

Brett Pagani, partner at Cornerstone, said “The location of the property and strength of the market attracted firm interest from lenders. The Somerville housing market has continually attained steady growth and is now one of Greater Boston’s premier neighborhoods. Because of this we were able to secure competitive financing for our client.”

Cornerstone was able to deliver an aggressive fixed rate structure with a 10-year term and 30-year amortization for both deals.

Cornerstone specializes in structuring and sourcing innovative financing for all property types.