Cornerstone Realty Capital places $56 million portfolio financing

Somerville, MA Cornerstone Realty Capital arranged $56 million for the purchase of four multifamily properties totaling 244 units. The acquisition includes 156 units in Westwood and 88 units across three properties in Somerville. True North Capital Partners, one of Cornerstone’s long-standing clients, added this closing to an array of transactions they have completed with Cornerstone since the firm’s inception in 2009.

39-49 Bow Street - Somerville, MA

The first of the two acquisitions, Westwood Glen, is located at 21 Westwood Glen Rd. in an area that offers some of the strongest residential demographics in the state. Boston Magazine has recently ranked Westwood as one of the best places to live in the state. The property itself is placed in close proximity to various popular amenities and is within walking distance to Starbucks, Walgreens, Westwood Public Library, US Post Office, banks, and more. Purchased for $34.4 million, this property includes seven buildings on 13.5 acres of land.

The Somerville properties were purchased for a total of $27.3 million. True North paid $20 million for 379-389 Broadway St., $4.7 million for 39-49 Bow St., and $2.6 million for 8-12 Beacon Terrace. Each of the three buildings purchased in Somerville are within one block of area bus or MBTA train services. This offers tenants easy access to the area’s top employers and many major educational institutions in Boston. The properties are also proximate to I-93 and Rte. 3, granting access to the Greater Boston area.

True North has planned renovations to units in all properties. Westwood will see $6 million in improvements to modernize the property and add desired amenities including a fitness center, movie room, and numerous updates to the exterior appearance. Another $4 million will be spent on the Somerville properties to renovate both apartment units and common areas.

Having arranged financing for True North several times before, Paul Natalizio, president of Cornerstone Realty Capital said, “True North has a successful approach redeveloping properties in the Greater Boston Area. This set of acquisitions will add tremendous strength to an already successful portfolio of assets under management.”

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