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Boston & New England  + Metro Boston  + Finance  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).