Somerville, MA — Cornerstone Realty Capital recently arranged $9 million in financing for an apartment community in Somerville, MA.
Located at 625 McGrath Highway, the community includes 34 condominium-quality units, a mix of (2) studios, (15) one-bedroom, one-bathroom, (15) two-bedroom, one-bathroom and (2) three-bedroom units.
Each unit features a contemporary design with a spacious layout, granite countertops, stainless steel appliances, a breakfast bar, luxury vinyl plank flooring, and a NEST thermostat. Select units also include a private entrance, giving this property an exclusive edge compared to competition in the area. Square footage varies depending on the unit style, but averages around 904 square feet. On-site parking is sufficient with 58 available spaces, a ratio of 1.7 spaces per unit.
Located about 3 miles north of Boston, Somerville has become one of the most desirable cities for renters over the last few years. With the recent addition of Assembly Row, one of the largest mixed-use developments in Metro Boston, residents are able to enjoy an endless amount of quality dining, entertainment and shopping options just one mile away from the property. As more corporations begin to move their offices to Assembly Row, like Partners Health Care who recently relocated their headquarters to the development bringing 4,500 quality jobs, both employment opportunities and new residents to the area will continue to grow.
The property also offers optimal access to two of the East Coast’s most popular employment regions, with both Kendall Square in Cambridge, and Downtown Boston situated just 3 and 4 miles respectfully south of 625 McGrath Highway. Residents can access both locations via the Orange Line on the MBTA at either Sullivan Station or Assembly Row, or via Interstate 93, all located about a mile from the property.
Marcello Micozzi, Vice President and Principal at the Micozzi Companies, said “Cornerstone’s commitment to the deal and professionalism throughout the process made obtaining the desired financing very simple and streamlined. Their consistent ability to deliver us the market’s most competitive financing solutions allow us the ability to move quickly when pursuing these acquisition opportunities.”
Cornerstone was able to deliver a full-term fixed rate financing structure with 12 months of interest, only followed by a thirty-year amortization.