Cornerstone Realty Consultants arranged $4 million in financing for the acquisition of four separate multi-family properties. Each of the four properties, being sold out of a family trust, was acquired by a different buyer. The properties located at 435 Granite St., 21 Kemper St., 223 Common St., and 8 Carlmark St., account for a total of 65 apartment units.
Each property is conveniently located within the city and provides tenants with easy access to area amenities as well as to downtown Boston. The location and features of these properties has led to many long term tenancies, very little vacancy, and strong demand when a unit becomes available.
Three of the four buildings were acquired with financing from the same lender offering a 7 year fixed rate of 6.125% while the fourth was acquired with 10 year fixed rate financing at a 6.02% interest rate. All four loans carry a 30 year amortization and an 80% loan-to-value.
Cornerstone specializes in structuring and sourcing innovative financing for all property types. In addition, Cornerstone provides 1031 exchange consulting and acquisition services.