Cornerstone Arranges $53.3M Construction Loan for Multifamily Project in Shrewsbury, Massachusetts

by Taylor Williams

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.

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