BOSTON — Cornerstone Realty Capital arranged $38.5 million in financing for Mount Vernon Company’s development of a 132-unit mixed-use building in Boston, MA.
The first floor of this six story building will feature at-grade parking for 108 vehicles, three on-street retail spaces totaling 4,578 SF, residential amenity space, and storage for 132 bicycles. Floors 2-5 will feature 115 market rate units and 17 units designated as affordable.
The sixth floor will feature a rooftop multipurpose room and fitness center. The unit mix will be a combination of 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den, and 20 two-bedroom/two-bath units. Square footage will vary depending on the unit style, which ranges from a 520 square foot studio to a 906 square foot two-bedroom unit.
Unit finishes will include vinyl plank flooring in the kitchen/dining/living areas with tile in the bathroom, Silestone countertops, tile backsplashes, and stainless steel appliances. Units will come equipped with a washer and dryer.
Brighton is a thriving neighborhood in the northwestern corner of the city of Boston. The development is located at the intersection of Western Avenue and Leo M Birmingham Parkway. Residents will have easy access to Soldiers Field Road to the north, Interstate 90 (Massachusetts Turnpike) to the south, and MBTA bus lines which service the area.
The recently opened Boston Landing MBTA commuter rail station is less than one mile from the property. The recent transformation of Western Avenue as well as New Balance Development Group’s construction of Boston Landing, a mixed use development encompassing approximately 14 acres of land along the Massachusetts Turnpike, is making Brighton one of the most attractive areas in the City of Boston.
Paul Natalizio, President at Cornerstone, said, “Brighton is a hot market right now. The location of this development combined with the recent gentrification along Western Ave make this a great addition to the neighborhood.”
Cornerstone was able to deliver an attractive fixed rate financing structure including an interest only period during construction followed by a thirty year amortization.