Cornerstone Realty Capital places $2.8 million for acquisition of a mixed-use property

Hingham, MA Cornerstone Realty Capital has arranged $2.8 million in financing for a mixed-use property. The property includes a total of 17 units, comprised of 14 office and three retail units occupied by a pizza restaurant, a dry cleaner and a convenience store. The total net rentable area is 20,860 s/f split between two buildings, with units ranging from 400 s/f up to 3,938 s/f. The property includes 84 on-site parking spaces that are available to both tenants and customers. The property is situated along Rte. 3A, a major thoroughfare in the region providing access to the Boston metro area. The property is also located near the Hingham Shipyard Marinas. 

Patrick Brady, vice president of Cornerstone, said, “The asset quality, location, and experience of the local borrower all helped in creating a competitive lending marketplace. The deal was unique, with a borrower requiring proceeds for the acquisition of the subject to satisfy their 1031 exchange, as well as 100% of their construction budget escrowed to allow them to implement a value-add capital improvement program upon takeover. We had a bank step up and execute a 10-year fixed rate on both the first mortgage and renovation dollars, which included two years of interest only, followed by a 30-year amortization. The custom-tailored solution helped our client achieve both of their short and long-term goals.”