Brookline, MA—Cornerstone Realty Capital recently arranged $4.7 million for the refinance of an apartment building located in the desirable Coolidge Corner neighborhood of Brookline, MA.
The property features (18) residential apartments consisting of (4) studio units, (9) one-bedroom/one-bathroom units, and (5) two-bedroom/one-bathroom units ranging between 500 and 750 square feet. Many of the unit finishes are comparable to new construction within the area, making it a competitive choice in the market.
All units have hardwood flooring in the kitchens, living spaces, and bedrooms, along with tiled flooring in the bathrooms. Each kitchen has been modernized to feature stainless steel appliances, including a dishwasher and microwave, as well as quartz countertops and hanging pendant lighting over the eating areas. Every unit possesses ample closet space and air conditioning. Building amenities include the recent addition of a fitness center and a shared laundry facility in the basement. Tenants will enjoy having an off-street parking space that accompany each unit, a rare and advantageous feature for this area.
Brookline, located in Norfolk County, is a great mix of relaxing suburbia and lively urban life. Filled with a number of historical and cultural sites, Brookline offers residents many area amenities and entertainment options close to home. The subject property sits in a highly transit-oriented location, with several Green Line stops on the MBTA within a short walking distance, including the Coolidge Corner stop only a quarter of a mile away.
Multiple bus stops are available in close proximity to the property as well, which presents tenants with a number of options to get to the two nearby key employment regions of Downtown Boston in the east and Newton to the west. With the availability of rare off-street parking, tenants who drive will enjoy having both Interstate 90 and Route 9 within a short distance of the property that can be accessed by the two main roadways of Beacon Street and Harvard Street, each found under a half mile from the property.
Considered a highly-walkable community, Brookline is home to a multitude of retail shops, variety of dining options, and a vibrant nightlife. The property is located just steps away from popular Harvard Street where many of the area’s amenities can be found, including the iconic Coolidge Corner Theater. Additionally, tenants have the option of either Trader Joes or Stop and Shop for large grocery stores, each about a 5-minute walk away. Due to its proximity to Boston, area amenities within a walkable distance, and suburban-feel, Brookline has a lot to offer its residents.
Paul Natalizio, President of Cornerstone, stated that, “The desirable location of this property bolstered by the high standard of the completed renovations carried out by the Borrower since the property’s acquisition stimulated an immensely competitive lending environment. Because of this, Cornerstone was able to secure exceptional loan terms for our client that are custom tailored to their long-term goals for this quality asset.”