Cornerstone Realty Capital Arranges $10M Construction Loan for Multifamily Project in Everett, Massachusetts
EVERETT, MASS. — Cornerstone Realty Capital has arranged a $10 million loan for the construction of a 51-unit multifamily project in Everett, a Northern suburb of Boston. A local lender provided the loan at a fixed interest rate, which features 24 months of interest-only payments and a 30-year amortization schedule. Massachusetts-based developer United Properties Inc. was the borrower. The project, the name of which has yet to be determined, will repurpose an existing three-story brick structure on the property, expanding it to six stories and constructing one-bedroom units that will range between 460 and 895 square feet. Amenities will include an outdoor lounge area with benches and a firepit, a fitness center and a rooftop deck.