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Cornerstone Arranges Separate Executions on Fall River Apts.
Cornerstone Realty Capital recently arranged $12.6 million financing for the acquisition of River Grove and Border City Mills, two apartment properties totaling 155 units in Fall River, MA. The borrower was not disclosed.
“The market for lending in Fall River is vibrant and very competitive,” said Cornerstone VP Patrick Brady. “The portfolio required two separate executions, as the sponsors had different financing goals at each asset.”
While Border City Mills was “well kept by the previous owner,” River Grove will benefit from a value-add program, Brady said. “Both executions were underwritten, closed and funded simultaneously for the portfolio acquisition, and have provided the sponsors the capital structure they need to execute their business plan.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
