Boston, MA Cornerstone Realty Capital has arranged $5 million in financing for a five-story brownstone in Beacon Hill. The recently renovated lodging house features 11 units with modern updates to both the kitchens and the bathrooms. The classic brownstone features two studios and nine one-bedroom, one-bathroom units. All units have hardwood floors, high ceilings and air conditioning, as well as granite countertops and a large kitchen island. Although it was renovated, the property still includes many of its original finishes that are classic to Beacon Hill properties. Property amenities also include a rear brick patio and shared laundry in the basement.
Paul Natalizio, president of Cornerstone, who handled the financing, said, “The idyllic condition of the property along with the growingly rare denomination as a lodging house made this property an incredibly valuable asset even when compared to the many high-value properties within the Beacon Hill neighborhood. The strength of the fully leased and fully renovated property fostered a competitive environment between lenders resulting in the best possible terms for our client including 12 months of interest only and a low fixed rate.”
Cornerstone has also arranged $1.3 million for the refinance of a 16-unit apartment building in Georgetown, Mass. The two-story building includes 16 units, a mix of one studio, two one-bedroom/one-bathroom units and 13 two-bedroom/one-bathroom units. All units feature carpet in the bedrooms and hardwood flooring in the living room. Kitchens include stainless steel sinks, tile backsplash and wooded cabinetry. Recently, the building has experienced new updates, giving it a competitive advantage within the immediate marketplace. Tenants enjoy having an individual storage unit in the basement included in rental pricing, as well as having 30 parking spots available.
Natalizio also handled this financing, and said, “The strength of the borrower coupled with the consistency of the property’s performance since its acquisition made this deal incredibly appealing to a range of lenders, which, in turn, allowed our client to custom-tailor their terms to fit their individual needs.”