CRC Secures $53M Construction Loan for Shrewsbury MF Property
Cornerstone Realty Capital has secured a $53.3 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, MASS.
Located nearby Worcester, the property is slated to consist of 116, one-bedroom units and 134 two-bedroom units. Planned amenities will consist of a conference center, kitchen room, fitness center, dog park, pool and a resident clubhouse. Furnishings will include stainless steel appliances, granite countertops and vinyl plank flooring.
Cornerstone provided the financing to the borrower, a joint venture between The Dolben Co. Inc. and Belmont Capital. Terms of the loan included a floating interest rate, 36 months of interest-only payments and a 30-year amortization schedule. The project is expected to be completed by the first quarter of 2023.