Brookline, MA Paul Natalizio, president of Cornerstone Realty Capital, recently arranged $3.1 million on behalf of Nora LLC for the refinance of an 8-unit apartment property near the Allston town line at 1130 Commonwealth Ave. The property features 1 two-bedroom and 7 three-bedroom apartments.
Brookline’s direct access to Boston’s Fenway and Back Bay neighborhoods has regularly made it one of the most populated towns in the Greater Boston area and it is currently home to nearly 60,000 residents. Students and young professionals are especially
1130 Commonwealth Avenue - Brookline, MAattracted to Brookline due to its proximity to multiple universities, such as Boston College, Boston University, Northeastern University, Emmanuel College, and Simmons College. The property is favorably set alongside Rte. 20, which can connect commuters to these institutions or further into Boston and the Financial District and Downtown areas. The MBTA Green Line (B) provides multiple stops within walking distance of the property, including Harvard, Packard’s Corner, and Babcock St.
“The asset’s performance during its tenure with the sponsor facilitated a seamless financing arrangement,” said Natalizio. “The inherent investment strengths of the asset’s location were a critical component of securing an aggressive rate and structure.”
Cornerstone was able to deliver a fixed rate with a 30 year amortization.
Also, Brett Pagani, senior vice president of Cornerstone, recently arranged $5.2 million on behalf of 13-19 Marney LLC for the refinance of a 12-unit apartment property located in Cambridge.
The property is well served by multiple transportation options, including Rte.’s 2, 16, and 28, which connect Cambridge to metropolitan Boston. The MBTA provides near ubiquitous service throughout the Greater Boston area and provides Cambridge with stops along the Green Line at Lechmere, five stops along the Red Line, the Commuter Rail at Porter, and numerous bus routes.
Cambridge has long stood as home to Greater Boston’s most iconic and sought-after residences. For years, its historic and affluent neighborhoods have fostered an unparalleled environment for higher learning and academia. The international spotlight on Cambridge due to the prestigious local universities has afforded the city with an immersive multi-cultural dynamic that is unmatched elsewhere in Greater Boston.
“The financing process capitalized on the property’s built-up equity due to the Sponsor’s complete renovation,” said Pagani. “The asset’s inherent strength, augmented by its location, was the main focus in sourcing an aggressive financing package.”
Cornerstone was able to deliver a fixed rate with a 30 year amortization.
Cornerstone specializes in structuring and sourcing innovative financing for all property types.