Cornerstone Realty Capital Arranges $38.5M in Financing for Mixed-Use Development in Boston

by Amy Works

BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces totaling 4,578 square feet; residential amenity space, including a rooftop multipurpose room and fitness center; storage for 132 bicycles; 115 market-rate apartments; and 17 affordable apartments. The unit mix includes 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den and 20 two-bedroom/two-bath units. Ranging from 520 square feet to 906 square feet, the units will feature vinyl plank and tile flooring, Silestone countertops, tile backsplashes, stainless steel appliances and in-unit washers and dryers.

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