Cornerstone Realty Capital arranges total of $22.55 million in financing

Rendering of 94 apartment units - Portsmouth, NH

Portsmouth, NH Cornerstone Realty Capital arranged $18.25 million in financing for clients The Mount Vernon Company and Waterstone Development, for the development of 94 apartment units. The development sits close to the Southgate Plaza Shopping Center, and once completed will create a neighborhood community similar to those seen in Boston, Somerville, and other major metropolitan areas. The property will consist of a 4-story, 94-unit market rate apartment building that features a unit mix of 3 studio, 28 one-bedroom, 60 two-bedroom, and 3 three-bedroom apartments. The property will also feature ample parking spaces, as well as storage space for tenants and amenities including a gym, work stations, pet shower, and roof deck.

Paul Natalizio, Cornerstone Realty Capital

Paul Natalizio, president at Cornerstone, said, “The bustling market of Portsmouth and the attractive location of the development made this an exciting deal to take to market. Because of these factors, we were able to secure competitive financing for our client.”

Cornerstone was able to deliver an aggressive fixed rate structure with a 10-year term and a 3-year interest only period, followed by 30-year amortization.

Cornerstone also arranged $4.3 million in financing for the development of an emergency room facility in Seabrook, NH. The building will serve as a much-needed 10,820 s/f emergency care facility to the surrounding area. The facility is going to be operated by Portsmouth Regional Hospital, who are a privately-owned hospital which is part of Hospital Corp. of America.

Centrally located, the site benefits from 25,000 daily cars commuting on Rte. 1, and 18,000 cars passing at the neighborhood intersection of Rte. 107. The subject property allows for more immediate care to the surrounding area, which was not available before the subject property’s re-development.

Natalizio said, “The area is underserved for emergency care facilities, and this development provides the community with a chance to feel safer in the event of emergency – there is solace in that. With that as our driver, we were pleased to deliver strong financing rates for our client.”

Cornerstone was able to deliver a fixed rate structure with a 10-year term, a period of interest only, followed by 30-year amortization.

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