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.
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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