SOMERVILLE — Brett Pagani of Cornerstone Realty Capital recently arranged $7.2 million in financing for the redevelopment of a 5 commercial and 19 residential unit mixed-use project in Somerville. Already in a great location, the Borrower intends to enhance the property’s value by turning it into a first-class mixed-use asset.
The redevelopment is underway and will be completed in two parts. The first, which has already been completed, is the renovation of 2-4 Broadway, which contains 3 commercial and 6 residential units. The second segment of the project is the construction of 2 commercial and 13 residential units at 8 Broadway and 8 Mt Pleasant St. Once the project is completed, the resulting unit mix will be 5 commercial units and 5 one-bedroom, 3 two-bedroom, 10 three-bedroom and 1 four-bedroom apartments. All of the apartments in the project will feature condo quality finishes, with dark hardwood floors in the units, and granite countertops & stainless steel appliances in the kitchen.
Located just outside of Boston, Somerville is known for its many cultural and entertainment options. The property is located between Sullivan Square, allowing for a short 4-minute walk to the Orange Line and Assembly Row, one of the most active urban environments in Greater Boston. The area is home to over a dozen restaurants, many popular shopping outlets, and various entertainment attractions. For those working in Boston, the Orange Line provides convenient access to major employment hubs near North Station and the Financial District. Commuters also have easy access to I-93 which is less than 1 mile from the subject property. The location of the property offers great value for both residents and businesses looking to move into the commercial units.
Brett Pagani, Executive Vice President of Cornerstone, shared “Having successfully worked with the Borrower on numerous occasions, their operating and development expertise has become evident. The Borrower’s ability to add value to their properties, paired with the building’s excellent location, makes this an exceptional addition to their portfolio”