Jamaica Plain, MA – Cornerstone Realty Capital recently arranged $6.96 million in financing for the construction of a multifamily development in the Egleston Square neighborhood of Jamaica Plain, MA.
The property currently includes a mix of vacant lots, a single-family dwelling, and a two-family dwelling. Once construction is complete, the property will consist of (4) three-family properties, one on each lot, for a total of 12 units. Each three-family will feature (3) four-bedroom/two-bathroom units, approximately 1,300 SF, and the development will be completed to condo quality finishes.
The units will feature dark hardwood flooring in the kitchens, living areas, and bedrooms. All of the living areas will be highlighted with crown molding and the kitchens will include granite countertops, custom cabinets, and high-end stainless-steel appliances. The bathrooms will feature dark wood vanities and custom tile surround showers. Residents will benefit from in-unit washers and dryers, as well as one parking space for every unit.
The property is well located in the Egleston Square neighborhood of Jamaica Plain between the Stony Brook (0.3 miles; 7 min walk) and Green Street (0.2 miles; 5 min walk) MBTA stations on the Orange Line, providing commuters with easy access to the Back Bay and Downtown Crossing. In addition, more locally, tenants have access to the variety of restaurants and shopping on Centre and Armory Street which is highlighted by restaurants and cafes such as Tres Gatos, JP Licks, Café Nero, Sam Adams Brewery, and a variety of other options.
Andrew Saccone, Executive Vice President at Cornerstone, stated that, “The Egleston Square neighborhood of Jamaica Plain, notable for its access to public transit and young, working professional population, has long been targeted by real estate investors. Here, the Borrower was able to bring these under-utilized parcels, in the near vicinity of public parks and several subway stations, to their highest and best use in a way that aptly conforms with the neighborhood’s existing housing stock.”
Cornerstone was able to deliver a low fixed-rate financing structure with 24 months of interest only followed by a 28-year amortization.