Cambridge, MA — Cornerstone Realty Capital recently arranged $29.8 million for the acquisition of Blair Pond Estates, a mixed-use property in Cambridge, MA.
The property is comprised of two garden style brick apartment buildings and one mixed-use office/retail building. The apartment buildings feature a total of (80) units, a mix of (8) studios, (34) one-bedroom, one-bathroom units and (38) two-bedroom, one-bathroom units. With the exception of the studio units, each unit has either a private patio or balcony.
The mixed-use building is home to (7) storefront retail units on the ground floor and (5) office spaces on the second floor. Units range from 350 square feet to 2,000 square feet. Ample parking is available to all tenants with at least one space included with each unit’s rent. The property will be undergoing renovations that will include unit upgrades, the addition of a grilling station with a patio and a fire pit, fitness center, bike storage space, and improvements to the common areas. Once renovations are complete, units will include a full range oven and new appliances in the kitchens, granite countertops and wood cabinetry in the bathrooms, in-unit washers and dryers, and recessed lighting.
The property, located in the Cambridge Highlands neighborhood of Cambridge, sits just under a mile away from the popular retail and restaurant destination, Fresh Pond Mall. Blair Pond Estates is situated in the perfect location for professionals looking for a short commute into Downtown Boston as well as families looking to be close to the city but live in more of a suburban environment.
The property is about a mile away from the MBTA’s Alewife Station on the Red Line with direct access to science and tech hubs of Harvard Square and Kendall Square as well as downtown Boston’s Park Street Station. Tenants have direct access to the station via the Fitchburg Cutoff Bike Path, just steps away from the property. The bike path offers residents convenient access to transportation as well as a multitude of recreational activities along the path such as playgrounds, soccer and baseball fields, grassy areas, and a dog park. For those with a vehicle, Routes 2 and 3, with connection to Interstate-95, are short drive from the property.
Jeff Bruce, managing director and founder of True North Capital Partners, stated that, “Blair Pond Estates, given its convenient and transit-friendly location in Cambridge, is poised for repositioning through a comprehensive renovation strategy. Due to Cornerstone’s strong lender relationships and diligent process, we were able to secure a financing package that will allow this property to reach its tremendous potential.”
Cornerstone delivered a low fixed-rate financing structure with 30-months interest only followed by a 35-year amortization.
