 (2).jpg)
News: Front Section
Posted: November 23, 2018
Cornerstone Realty Capital arranges $3.4 million in financing for an apartment building and an industrial building in Malden, Mass.
Malden, MA Cornerstone Realty Capital arranged $3.4 million in financing for two properties: an apartment building and an industrial building located in the city.
The two-story apartment building features a total of nine garden-style units with a mix of one-bedroom and two-bedroom units. The units average around 600 s/f. The property contains nine parking spaces, a ratio of 1 space per unit.
Renovated in 2004, the two-story industrial building features seven commercial spaces. Tenants currently include various small businesses throughout their retail, flex, or warehouse spaces, in addition to the multi-tenant office spaces on the second floor. Furthermore, there are nine storage garages and additional parking spaces available to tenants.
Located on Maplewood St., the two properties are situated in ideal locations for each building’s tenants needs. The industrial building is located on a corner with visibility, making it a desirable space to attract business for both retail and commercial organizations. The apartment building adjacent to the commercial site, has a number of parks in the surrounding area and is within a two minute drive from Malden Catholic High School and a six minute walk from Salemwood Elementary School. Tenants will enjoy having a grocery store, a variety of restaurant options and the Northern Strand Community Trail in the area of both properties.
Andrew Saccone, vice president of Cornerstone, said, “The property is well located in Malden and is an attractive space for retail and residential tenants alike. The strength of the borrower and asset quality allowed us to source a competitive financing that perfectly fit the borrower’s needs.”
The financing featured a fixed rate with a period of interest only followed by 25 year amortization.
Situated about a quarter of a mile away from MA-Route 60 is Interstate-93 which is one of Massachusetts’s major state highways that runs north of Boston. Those who drive will be able to conveniently access key Boston suburbs such as Cambridge, Somerville, and Medford. And with the Malden Center stop on the MBTA’s Orange Line within 2 miles, residents are able to efficiently travel into Boston which is one of the largest metropolitan and employment regions in the northeast.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
