Cornerstone Realty Capital arranged $24.35 million in financing for its client, Zeena Realty, LLC, to refinance three multifamily buildings located in Boston's Fenway neighborhood. The three buildings contain a total of 82 units. Properties located at 132-136 Hemingway St. and 97 St. Stephen St.
The properties are close to a number of the city's most notable educational institutions and entertainment options. Northeastern University, Wentworth Institute of Technology, Fenway Park, the Museum of Fine Arts, Longwood Medical Center, and the Prudential Center are all within one mile of the properties.
Given the premier location, the properties have historically experienced low levels of vacancy. In addition, nearby Northeastern Station links tenants to the MBTA Green Line offering an easy commute to the Financial District and Downtown Boston.
Paul Natalizio, principal of Cornerstone, said, "The strength of the real estate and the experience of the borrower attracted significant interest from a multitude of lenders, which allowed us to deliver the most agressive deal in the market."
Cornerstone specializes in structuring and sourcing innovative financing for all property types.