Quincy, MA Cornerstone Realty Capital arranged $58 million in financing for the construction of Quarry Hills, a 269-unit 100% market-rate apartment community. The apartment complex will consist of two five-story, wood-framed residential buildings, a mix of 2 studios, 144 one-bedroom, one-bathroom units and 123 two-bedroom, two-bathroom units.
Amenities feature two courtyards that will include a firepit, outdoor kitchen, lounge area and water features, as well as a clubroom, business center, fitness center and spa. Within the clubroom there will be entertainment options such as virtual golf, shuffle board and a pool table. An elevator will service each building. Unit finishes will include kitchens with granite counter tops and stainless-steel appliances, bathrooms with marble counter tops, in-unit laundry and 9-foot ceilings. The living area will feature vinyl wood plank flooring, while the bedrooms will have wall-to-wall carpet. Square footage will vary depending on the unit style, ranging from a 558 s/f studio to a 1,056 s/f two-bedroom unit. The complex will offer parking to tenants, with 210 structured spaces and 205 surface spaces.
Paul Natalizio, president at Cornerstone, said, “Quarry Hills Apartments presented an opportunity for the development team to create a top of the line apartment community in a dynamic suburb of Boston. With panoramic views of the Boston skyline and Granite Links golf course, the property will be first in class in Quincy. The experience of the sponsor throughout the northeast created a very competitive marketplace for the financing.”
Cornerstone was able to deliver a construction to permanent financing with the rate fixed for the entire term at closing. The structure included a period of interest only for construction and stabilization followed by a 30-year amortization schedule.
This development is occurring during a pivotal time of growth within the city. With the population expected to grow by 3% in the next three years, developers are finding success with apartment development. The city is a desirable location for working professionals and families alike. Residents of Quarry Hills will find entertainment options, from hiking in the Blue Hills Reservation or golfing at Granite Links Golf Club, to enjoying waterfront dining and activities at Marina Bay and Wollaston Beach.