Cornerstone Realty Capital Secures $9M Acquisition Financing for Apartment Community Near Boston

by David Cohen

SOMERVILLE, MASS. — Cornerstone Realty Capital has secured a $9 million acquisition loan for a 34-unit apartment community in Somerville. The property is located at 625 McGrath Highway, three miles north of Boston. Each unit features granite countertops, stainless steel appliances, a breakfast bar, vinyl plank flooring and a NEST thermostat. Cornerstone Realty Capital represented the borrower, the Micozzi Cos., in securing a fixed-rate financing structure with 12 months of interest-only payments followed by a 30-year amortization schedule. The lender was undisclosed.

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