Allston, MA – Cornerstone Realty Capital recently arranged $4.4 million in financing for the construction of a multi-family property in Allston, MA.
The 8,301 SF lot currently consists of a two-and-a-half story apartment building that includes three residential units. Once construction is complete, the property will comprise a 12,785 SF three-story apartment building with high-end finishes.
The newly constructed building will feature nine residential units with a mix of (1) 553 SF one-bedroom unit, (2) two-bedroom units consisting of 739 and 836 SF, (1) 1,034 SF three-bedroom unit, (1) 1,076 SF four-bedroom unit, (2) four-bedroom units, with an additional study, ranging between 1,196 and 1,198 SF, and (2) 1,267 SF five-bedroom units.
The units will be highlighted with dark hardwood flooring in the kitchens, living areas, and bedrooms, and all the rooms will be accented with crown molding. The kitchens will feature granite countertops, custom cabinets, and high-end stainless-steel appliances. The bathrooms will consist of dark wood vanities and custom tile surround showers. The property will offer six covered parking spaces that will be rented to tenants for additional income. Residents will also benefit from in-unit washers and dryers, and five of the nine units will include private decks or patios.
The property is well-situated in the Packard’s Corner neighborhood towards the live-play hub of Boston Landing with its accompanying commuter rail station. This central location in Allston provides residents with the luxury of being nearby to various employment, education, and shopping hubs.
Residents are also close to the vibrant nightlife and restaurant scene that Brighton Avenue and Commonwealth Avenue boast, both of which are hot spots for neighboring students and young professionals. The property is located just off the central thoroughfare of Cambridge Street within 0.75 miles away from Boston University’s main campus and the abundance of stores and bars that service the campus. Cambridge Street also provides a direct route northeast across the Charles River to Cambridge, only a 5-minute drive away.
The Boston Landing commuter rail station on the Framingham/Worcester line is only 0.5 miles away from the property, while the MBTA’s green line station, Harvard Avenue, is located less than 0.4 miles away. Additionally, the property is located just off I-90, providing efficient access east and west.
Andrew Saccone, Executive Vice President at Cornerstone, remarked that, “Well located, the development will feature a modern and contemporary design to transform a property which was under managed by the previous owner. The design, plan, and reputation of the Sponsor allowed Cornerstone to secure a competitive financing structure including 24 months of interest only followed by a 30-year amortization schedule.”