Cornerstone Arranges $13.6 Million for the Refinance of a 242-Unit Mixed-Use Portfolio in Manchester, NH

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Manchester, NH – Cornerstone Realty Capital recently arranged $13.6 million in financing for the refinance of a portfolio of multifamily and mixed-use properties located throughout Manchester, NH.

The portfolio, compromising 242 units spread across 10 buildings, has a mix of (47) studio units, (85) one-bedroom units, (93) two-bedroom units, (8) two-bedroom duplex units, (6) three-bedroom units, and (3) retail units occupied by a pub, a laundromat, and a hair salon.

The properties include a variety of amenities, such as passenger elevators, private storage rooms, a combination of covered and off-street parking, and on-site laundry facilities. The units also feature an array of finishes and layouts, some of which include hardwood flooring, balconies, and complete appliance packages.

Home to many college and university campuses (University of New Hampshire at Manchester, University of New Hampshire at Manchester, Saint Anselm College), Manchester boasts a young, vibrant community. The city is surrounded by mountains and forests, such as McIntyre Ski Area and White Mountain National Forest, offering residents a slew of year-round outdoor activities to enjoy.

The largest metropolitan area in the state, Manchester also offers a diverse selection of restaurants and cafes. While walking and biking is quite common, the transportation system offers residents easy access both within and out of Manchester. The Manchester Transit Authority provides a variety of bus routes throughout the city, while the Boston Express offers seamless access into Boston. The portfolio properties are all nearby to key city attractions, such as the Currier Museum of Art, the Northeast Delta Dental Stadium, and The Palace Theatre.

Patrick Brady, Executive Vice President with Cornerstone shared, “The quality of the collateral pool coupled with the strength and track record of the sponsorship were instrumental in packaging this financing. Not only were the borrowers able to fix an exceptionally low rate for 10 years with a non-recourse structure, they will also benefit from a full-term interest only period. The marketplace for lending on workforce housing remains incredibly strong throughout New England.”