Boston— Cornerstone Realty Capital recently arranged $13.5 million in financing for two properties in the Fenway neighborhood of Boston.
The two properties include a total of 47-units with a unit mix of (5) studios, (15) one-bedroom, one-bathroom units, (26) two-bedroom, one-bathroom units and (1) three-bedroom, two-bathroom unit. The majority of units have recently been renovated to include modern, desirable finishes, while the flooring in the common areas was recently updated as well. All units include wood cabinetry and hardwood flooring throughout, while select units also include granite countertops and an in-unit dishwasher. Tenants will enjoy having shared laundry and (14) paved parking spots are available to tenants for as well.
Boston’s Fenway neighborhood has recently seen a lot of redevelopment over the last five years, including the addition of a variety of new restaurants, mixed-use properties and office buildings. While the neighborhood was previously frequented most during baseball season, it’s now a popular destination for Boston residents and tourists year-round, and a highly desirable area of residence for young professionals.
The subject properties are located just a short 7-minute walk from Fenway Park, making it easy for tenants to catch a Red Sox game or frequent one of the many bars and restaurants surrounding the stadium. Tenants will also enjoy having two spacious parks, the Fens and Fenway Victory Garden, located across the street, as well as having the Isabella Stewart Gardner Museum and Museum of Fine Arts less than a 10-minute walk from both front doors. A Whole Foods and Star Market are both located under a mile east and west of the properties. The properties are situated near a number of colleges, including Emmanuel College and Simmons University, providing a short commute for both professors and students.
Professionals will love the easy commute into two key employment areas with both Downtown Boston and Cambridge accessible via the MBTA’s Green Line or the bus, both with stops nearby. Interstate 90 is located a little over a mile away, perfect for commuters who work outside of the city or for last minute weekend getaways.
Paul Natalizio, President of Cornerstone, remarked that, “The unabating improvement of the Fenway area over the last decade has allowed our client to tactfully add value to this property through incremental renovations and receptive property management. Because of these improvements, including extensive efforts to improve the energy efficiency of the property, our client was able to secure an exceptionally low fixed rate through a national lender.”