SHREWSBURY, MASS. — Cornerstone Realty Capital has arranged a $53.3 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, located outside of Worcester. The property will consist of 116 one-bedroom units and 134 two-bedroom units that will be furnished with stainless steel appliances, granite countertops and vinyl plank flooring. Amenities will include a conference center, kitchen room, fitness center, dog park, pool and a resident clubhouse. The borrower, a joint venture between The Dolben Co. Inc. and Belmont Capital, expects to complete construction by the first quarter of 2023. The loan was structured with a floating interest rate, 36 months of interest-only payments and a 30-year amortization schedule.
![Edgemere-Crossing-Shrewsbury-Massachusetts Edgemere-Crossing-Shrewsbury-Massachusetts](https://rebusinessonline.com/wp-content/uploads/2021/05/Edgemere-Crossing-Shrewsbury-Massachusetts.jpg)
The site of Edgemere Crossing, a 250-unit multifamily development in Shrewsbury, Massachusetts, previously housed a drive-in movie theater.
Cornerstone Arranges $53.3M Construction Loan for Multifamily Project in Shrewsbury, Massachusetts
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