Cornerstone Realty Capital Arranges $8M Refinancing for Multifamily Community in Massachusetts
STOUGHTON, MASS. — Cornerstone Realty Capital has arranged an $8 million loan to refinance a 48-unit multifamily community in Stoughton. Located in Norfolk County, the property is approximately 20 miles south of Boston. The two-building community consists of 36 two-bedroom and 12 one-bedroom units. The buildings will undergo renovationswhich will include the conversion of eight one-bedroom units into two-bedroom units. Additional renovations will include updates to the common areas and flooring, as well as adding a patio and grilling area, playground, dog run and bike racks. Cornerstone Realty Capital secured a fixed-rate financing structure with 30 months of interest-only payments for the borrower, True North Capital Partners. The lender was undisclosed.