CRC Secures $4M Acquisition Loan for Medford MXU Property
Cornerstone Realty Capital (CRC) has secured a $4.1 million acquisition loan for a mixed-use property located in Medford Center.
The property is in Medford, MASS. and consists of three ground floor retail units, two office spaces totaling roughly 1,400 square feet and twelve residential apartments that are a mix of studio, one, and two-bedroom units. The property has been well-maintained by the former owner, and the residential units currently feature hardwood flooring throughout the living areas, hardwood cabinets and white appliances in the kitchens and tile flooring with plastic surround showers in the bathrooms.
Patrick Brady of CRC secured a low, fixed-rate financing structure on behalf of the undisclosed borrower. Terms included 18 months of interest-only payments followed by a 30-year amortization schedule.