Cornerstone Realty Capital Arranges $56M in Acquisition Financing for Value-Add Multifamily Portfolio

WESTWOOD AND SOMERVILLE, MASS. — Cornerstone Realty Capital has arranged $56 million for the acquisition of four multifamily properties totaling 244 units, including 156 units in Westwood and 88 units across three properties in Somerville. The borrower was TrueNorth Capital Partners. The first of the two acquisitions is Westwood Glen, located at 21 Westwood Glen Road in Westwood. Situated on 13.5 acres, the seven-building, 156-unit, age-restricted property was purchased for $34.4 million. The Somerville Squares Portfolio properties were purchased for a total of $27.3 million from a private family. TrueNorth acquired the 63-unit 379-389 Broadway Street for $20 million, the 18-unit 39-49 Bow Street for $4.7 million, and the seven-unit 8-12 Beacon Terrace for $2.6 million. The buyer plans to invest $6 million in improvements to the Westwood property and $4 million on the Somerville properties. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in both deals.