Cambridge, MA – Cornerstone Realty Capital recently arranged $17 million in financing for the refinance of a luxury mixed-use property in the heart of Harvard Square in Cambridge.
The property, originally constructed in 2012, is comprised of three retail units totaling 6,280 SF and twenty apartments with a unit mix of (4) studios, (4) one-bedroom, one-bathroom units, (5) two-bedroom, one-bathroom units, (4) two-bedroom, two-and-a-half-bathroom units, and (3) three-bedroom, two-and-a-half-bathroom units.
The apartments were meticulously designed to the highest standard and units feature luxury and modern finishes such as floor-to-ceiling windows outfitted with power shades, Sub-Zero and Viking stainless-steel appliances, unique and programmable lighting fixtures, sleek dark-wood cabinets, quartz countertops, and other tastefully appointed contemporary finishes. An emphasis in these units revolves around its capacity for automation and convenience, which is also reflected in the available amenities.
The package of amenities at the subject property include an on-site concierge, high-speed internet, a state-of-the-art fitness center, a package delivery room, a passenger elevator, and an underground parking garage.
The property is situated on the central thoroughfare of Massachusetts Avenue at the intersection of Trowbridge Street and Putman Avenue. This central location in the midst of Harvard Square is in the near vicinity of several desirable neighborhood features such as access to public transit, several parks and green spaces, and a wide range of entertainment, employment, and shopping options.
The Harvard MBTA station on the subway’s redline is only 0.35 miles away and provides access throughout Cambridge and Boston. Downtown Boston, via Park Street, is only three stops away and a 10-minute train ride. Also, several bus routes converge directly in front of the property that provide service to the remainder of Cambridge and the surrounding towns of Allston, Brighton, and Somerville. Given the presence of Harvard University and its large population of undergraduate and graduate students in addition to its substantial workforce, the area is inundated with a wide variety of restaurants and boutique stores that service the diverse and educated population. Additionally, roughly eight million tourists visit the square in order to tour the prestigious university and enjoy its idyllic grounds. Accompanying the famous Harvard quad are several substantial parks including Riverbend Park that lines the Charles River, 0.25 miles southwest, and Joan Lorentz Park, 0.25 miles north.
Paul Natalizio, President of Cornerstone, remarked that, “Harvard Square has remained one of the best places to live within the Boston Metropolitan area and this property is undoubtedly one of the most desirable assets within it. Given the property’s quality, hands-on management, and consistent performance, Cornerstone was able to arrange a fixed rate below 3%.”
