Cornerstone Realty Capital arranged a total of $16.5 million for its client, Nora, LLC.
In the first deal, Conerstone placed a $13.6 million loan to refinance a multifamily building located at 49 Symphony Rd. in the city's Fenway neighborhood. The building includes 47 total units including one studio, 29 one-bedroom and 17 two-bedroom units, as well as 22 garage parking spaces. Paul Natalizio, principal of Cornerstone, said, "The strength of the real estate and the experience of the operator attracted significant interest from a multitude of lenders, which allowed us to deliver the best deal in the marketplace."
Cornerstone was able to deliver an aggressive rate and 30-year amortization.
Also, Cornerstone arranged $2.9 million in financing for Nora, allowing for the acquisition of a multifamily building located at 724-726 Washington St., Brookline. The building contains 11 units including five one-bedroom, three two-bedroom, one three-bedroom and two four-bedroom units. Cornerstone was able to deliver an aggressive rate and 30-year amortization. The property has benefited from recent improvements including a new heating system and new roof, and includes six covered parking spaces.
Washington Sq. Station, located less than one block from the property, provides tenants access to the MBTA's Green Line Train. The property is also within one mile of the retail and dining offerings of Coolidge Corner, and is close to employment centers such as Boston Children's Hospital, Longwood Medical Center, Boston College and Emmanuel College. Tags: