Cornerstone Realty Capital Arranges $58M Construction Loan for Apartment Community Near Boston

QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, clubroom, fitness center and spa. Cornerstone arranged a construction-to-permanent loan with a fixed rate for the entire term. The loan includes a period of interest-only payments for construction and stabilization followed by a 30-year amortization schedule. The lender was not disclosed.