Boston & New England + Office | November 30, 2020

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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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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