Cornerstone Realty Capital arranges $5.8 million in financing for a 45-unit apartment building in Whitman, MA

Whitman, MA Cornerstone Realty Capital arranged $5.8 million in financing for an apartment building. The 3-story property features 45-units, a mix of 15 one-bedroom, one-bathroom units, 12 two-bedroom, one-bathroom units, and 18 two-bedroom, two-bathroom units. All of the apartments come fully equipped with stainless steel appliances, granite countertops, in-unit laundry, closet space, and hardwood floors. Select units also feature a private balcony and in-home office space. The property includes a fitness center with state-of-the-art equipment, parking and additional storage space for purchase. 

Patrick Brady, vice president of Cornerstone said, “The closing of this transaction is further evidence that for strong deals with experienced operators, lenders are continuing to get aggressive on terms, not only just in Boston, but in the suburbs as well. Our lenders continue to cycle in and out of the market with opportunities to offer clients attractive terms and creative financing structures. The market was tremendously competitive for the acquisition financing of the property, and Cornerstone was able to deliver a long-term, fixed rate financing structure with thirty-year amortization.”