Cornerstone Realty Cap. arranges $4.8 million for Manchester Green

Manchester, CT Cornerstone Realty Capital has arranged $4.8 million for the refinance of Manchester Green, a 72-unit apartment complex. The units, spread between four buildings, feature a mix of 32 one-bedroom, one-bathroom units, 32 two-bedroom, one-bathroom units and 8 two-bedroom, 1.5-bathroom units. With an average unit size of 708 s/f, units include hardwood floors, modern kitchen and bathroom finishes, and spacious living rooms and bedrooms. Select units also include a fireplace and basement storage, while shared laundry can be found within each building. Manchester Green also offers free parking to all residents with an average of one space per unit. 

Paul Natalizio, president of Cornerstone, said, “The quality of the Manchester Green property coupled with the quality of its management fostered a competitive process between lenders which, in turn, resulted in strong, custom-tailored terms including a low fixed-rate and non-recourse for our client.”