Cornerstone Realty Capital arranges $5.5 million refinancing for two properties

Lynn, MA Cornerstone Realty Capital arranged $5.5 million for the refinance of two multifamily properties. The buildings total 50 units with a diverse unit-mix including a four-bedroom unit along with 6 two-bedroom, 39 one-bedroom, and 4 studio units.

Multifamily property - Lynn, MA

Brett Pagani, executive vice president of Cornerstone, said, “The stability and strength of Lynn’s rental market has continued to attract many investors. Cornerstone was able to identify and secure an appropriate source to fit the borrower’s unique refinancing request.”

Also, Cornerstone Realty Capital arranged $2.2 million in financing for the acquisition of a 20-unit apartment building in Malden, Mass. The property consists of a single, three-story apartment building with a unit mix of 5 studios, 10 one-bedroom, and 5 two-bedroom apartments.

Patrick Brady, vice president of Cornerstone, said, “The property benefits from an excellent location in a strong market. Lenders showed substantial interest in financing the borrowers acquisition. We were able to secure an aggressive package providing maximum leverage and a low, long term fixed rate.”

Cornerstone specializes in structuring and sourcing innovative financing for all property types.