Cornerstone Realty Capital arranged $2 million in financing for its client, Fourteen Parker Hill Ave LLC, allowing for the refinance of two residential buildings in the Mission Hill neighborhood of the city. Located at 12-14 Parker Hill Ave., the 2 abutting, three family buildings are each 3 stories with a total of 6 units and anet living area of 7,900 s/f.
The Mission Hill neighborhood is home to a variety of tenants but is made up primarily of those from the neighboring colleges and universities and nearby medical centers. Situated just southwest of downtown, the property has access to the MBTA's Green and Orange Lines, along with access to I-90 and 93. The property is within walking distance of Brigham Circle, Longwood Medical Area, Harvard Medical School, Northeastern University, Wentworth Institute of Technology, and much more. Overall, the location of the property in the Mission Hill neighborhood provides a strong demand from a wide base of area tenants.
Cornerstone was able to deliver a 10 year loan term at an aggressive rate with a 30 year amortization.
A representative of Fourteen Parker Hill Ave. said, "Having done a number of deals with Cornerstone in the past, we were confident in their ability to provide us with the financing structure we needed. Their expertise in matching Borrower and Lender and facilitating the entire process in a timely manner for their clients is unmatched in the market."