Cornerstone Realty Capital arranged $1.37 million in financing for its client, 341-343 W Broadway LLC, allowing for the acquisition of a mixed-use building. Located at 341-343 West Broadway, the four-story building features seven units including one 850 s/f ground floor retail space, two office units and four residential units. The residential units include a one-bedroom, two-bedroom and three-bedroom unit, as well as a penthouse loft. The building was well maintained by the previous owner and each unit contains high quality finish work including granite countertops and top of the line appliances.
Proximate to area bus routes, and a ten minute walk from the MBTA's Red Line Broadway Station, the building affords tenants an easy commute to the city's employment hubs, including the Financial District. In addition, the property's location offers tenants direct access to a selection of local retail and dining options.
Paul Natalizio, president of Cornerstone, said, "Given the property's location within a solid, strengthening market, as well as the experience of the Buyer, we were confident we could deliver an attractive loan structure for our client."
Cornerstone was able to deliver a 10-year term at an aggressive rate with 12 months of interest only, followed by a 30-year amortization.
Cornerstone specializes in structuring and sourcing innovative financing for all property types.