CRC Secures $22M Refinancing for Manchester Office Property
Cornerstone Realty Capital has secured a $21.5 million loan to refinance Bob’s Discount Furniture’s headquarters in Manchester, CONN.
The property consists of a 103,500-square-foot Class A office building that sits on a single nine-acre parcel. The Sponsor, Waterstone Properties Group, constructed the three-story building in 2017. The interior of the property consists of polished granite on the ground floor lobby and elevator areas, while the upper corridors contain commercial grade short loop carpeting. The building also includes three elevators dedicated to passenger service, all of which are accessible from the atrium.
Cornerstone delivered a 75% loan-to-value financing structure with a low fixed rate and a 25-year amortization schedule. The lender was not disclosed.
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