Boston, MA — Cornerstone Realty Capital recently arranged $8.5 million in financing for the construction of an apartment development in the Hyde Park neighborhood of Boston, MA.
Known as the Residences at Hyde Park Station, the property will consist of (24) two-bedroom, two-bathroom units and (1) 300 square foot commercial space. The building will boast modern finishes based on proposed construction, craftsmanship and materials. Each unit will feature kitchens with stainless steel appliances and quartz countertops, in-unit laundry, wood flooring in the living and bedroom spaces and central air conditioning.
The building will be outfitted with state-of-the-art features, including USB ports in all kitchens and bedrooms, a Butterfly MX Intercom System, a City Lift parking system, Package Lockers by Luxer One within the commercial space and an attractive exterior design. Additional amenities available to all tenants will include a common area roof deck, garage parking for both cars and bicycles, and an elevator for easy access to any of the building’s four floors.
As the southernmost neighborhood of Boston, Hyde Park boasts a suburban feel within a city setting, making its motto, “A Small Town in the City” very fitting. The neighborhood has seen an increase in redevelopment over recent years, making the subject property even more desirable within the market given its luxury finishes and amenities. The property is located in a transit-oriented location with a commuter rail station a short walk from the front doors, bringing tenants quickly into downtown Boston. Outdoor enthusiasts will enjoy the property’s proximity to the many hiking trails in Blue Hills Reservation and the abundance of activities Stony Brook Reservation offers, from biking and baseball to swimming and horseback riding. Due to the property’s proposed construction and location within the Hyde Park neighborhood, the property will be a highly attractive option for residents seeking a quieter, suburban feel with easy access into the downtown Boston area.
Patrick Brady, Vice President at Cornerstone, said “The Residences at Hyde Park Station presented another opportunity for lenders to finance transit-oriented development in a working class suburb of Boston. The property will provide residents with a short commute to the city at a fraction of the cost of living downtown. The experience of the sponsor throughout Boston, coupled with Cornerstone’s deep roster of construction lenders, created an extremely competitive marketplace for the financing.”
Cornerstone was able to deliver construction to permanent financing with the rate fixed for the entire term at closing. The aggressive structure included 85% Loan-to-Cost, a 7-year term with 24 months interest only followed by a 30-year amortization schedule.