Phillips Park Apartments, 324 Washington Street - Wellesley, MA

Wellesley, MA Cornerstone Realty Capital arranged $34.755 million in financing for its client, True North Capital Partners, allowing for the acquisition and renovation of Phillips Park Apartments located at 324 Washington St., Wellesley and Webster Green Apartments located at 757 Highland Ave. in Needham.

At Phillips Park the unit mix is 6 one-bedroom and 43 two-bedroom apartments. Of the 49 total units, 48 are reserved for households 55 years of age and older. Webster Green contains 76 units and is a mix of 3 one-bedroom and 73 two-bedroom apartments. At both properties common areas, units, and building amenities will all be upgraded under an extensive renovation plan. The borrower will start by upgrading the hallways and entryways with new lighting, furniture, paint, and finishes. They will also make significant upgrades to the club room and add a fitness center and movie room to the property. The apartments will also be significantly updated. Kitchens will feature granite countertops, new flooring, updated cabinets, and new matching appliances.

Paul Natalizio, principal of Cornerstone, said “The acquisitions are a unique opportunity for True North to own and transform assets in two of the most notable towns in Massachusetts. True North has a proven track record on similar projects and their renovation plan will elevate the properties to a new class in their respective communities.”

Cornerstone was able to deliver a 10 year loan term at an aggressive fixed rate with a 30 year amortization and a period of interest only.

Reading Depot Apartments - Reading, MA

Also, Cornerstone Realty Capital arranged $12 million in financing for its client Trident Management allowing for the acquisition of Reading Depot Apartments in Reading. The property contains 8 twelve-unit brick buildings located at 132, 138, and 142 Washington St., 129 Ash St., 1 High St., and 25, 31, & 35 Green St. All the buildings are located on three adjacent parcels, totaling 2.36 acres and the site includes 120 parking spaces. The unit mix at the property is 3 studio, 60 one-bedroom, and 33 two-bedroom apartments.

Natalizio said, “The asset is well-located and the borrower has the opportunity to add value by renovating the property. Given their area expertise, this will be an excellent addition to Trident Management’s portfolio”

Cornerstone specializes in structuring and sourcing innovative financing for all property types.