Cornerstone Arranges Construction Loan on Everett Apartments
Cornerstone Realty Capital recently arranged a $10 million loan for the construction of a 51-unit apartment development in Everett, MA. The six-story building will repurpose and expand upon the three-story brick shell of the existing structure.
VP Andrew Saccone of Cornerstone arranged a fixed-rate financing structure with a 24-months of interest only followed by a 30-year amortization schedule. The neighborhood surrounding the property has seen an exponential increase in development since the opening of the nearby Encore Resort & Casino last July.
Saccone said the neighborhood “has quickly emerged as one of the hottest real estate markets within the Boston metropolitan area,” due largely to the keystone development of the Encore Casino.
“The foresight of the borrower to recognize this trend and his experience in this market and the surrounding towns fostered a competitive lending environment that resulted in loan terms custom-tailored to the needs of this development,” added Saccone.
Pictured: Andrew Saccone.
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