REBusinessOnline

Cornerstone Realty Capital Arranges $12.3M for Acquisition of Multifamily Portfolio Near Boston

This property was part of the 11-building multifamily portfolio sold in Chelsea for $12.3 million.

CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.

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