BOSTON Cornerstone Realty Capital recently arranged $13.8 million for the refinance of a 22-unit apartment building in the popular Fenway neighborhood of Boston.
The five-story building features a mix of (5) three-bedroom, one-and-a-half bathroom units, (10) four-bedroom, one-and-a-half bathroom units, (6) four-bedroom, two-bathroom units, and (1) five-bedroom, two-bathroom unit. The renovated units feature highly desirable finishes such as dark hardwood cabinetry, granite countertops, a full gas range stove and a dishwasher in the kitchens.
Bathrooms include new combination shower/bathtubs, wall-mounted medicine cabinets and porcelain sinks. Each of the spacious units includes a mix of updated hardwood and tiled flooring throughout. Shared laundry can be found in the basement, while (6) private open parking spots are available to tenants.
Located in the Fenway neighborhood of Boston, the property is the perfect residence for young professionals and students alike. Three universities sit just under a mile from the building’s front doorstep, with both Northeastern University and Wentworth Institute of Technology about a 10-minute walking commute. A number of the MBTA’s Green Line stops are within a half mile from the property with the closest stop on the E Line Train about a 6-minute walk from the front door.
The property is also proximate to three key Boston roads: Massachusetts Avenue, Boylston Street and Huntington Avenue that provide residents easy access to downtown Boston, Cambridge, Brookline and Newton. Sitting directly across from Fenway’s two spacious parks, the Back Bay Fens and Fenway Victory Gardens, the property provides residents a picturesque, open space to slow down from fast-paced city life. Two of Boston’s most well-known museums, the Museum of Fine Arts and the Isabella Stewart Gardner Museum, are both located within a 5-10-minute walk from the property. The Fenway neighborhood has seen a substantial amount of redevelopment recently, making it one of the most sought-after areas to reside. The redevelopment has brought a new energy to the neighborhood along with a number of new restaurants, shopping experiences and entertainment options, all located under a mile from the property.
Paul Natalizio, President of Cornerstone, stated that, “Throughout the last decade, Fenway has seen continual improvement and has emerged as one of the best markets to rent in Boston. The experience of the Borrower within this neighborhood, the great positioning of this property along the historic Back Bay Fens, and the continued strength of this submarket allowed for the realization of highly competitive loan terms.”