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Cornerstone Realty Secures $18M Acquisition Loan for Marlborough MF Property
Cornerstone Realty Capital has arranged $18.4 million in financing for the acquisition of Harrison Arms, a garden-style apartment community in Marlborough.
Located off Route 20, the 109-unit community consists of a mix of 48 one-bedroom and 61 two-bedroom apartments. Each unit is equipped with air conditioning, while some also feature private porches. All units will be undergoing renovations, which will include updating the flooring, installing in-unit washers and dryers, and upgrades to the bathroom. Upon completion, all kitchens will be to feature granite countertops, new backsplashes and new appliances.
Cornerstone secured a financing structure fixed at closing for 75% of the acquisition, and 100% of the renovation budget. The borrower was True North Capital Partners. Upon stabilization, the loan will convert to a 30-year amortization.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
