Cornerstone Realty Capital Arranges $58 Million for Development of a 269-Unit Apartment Community in Quincy, MA

0
336

QUINCY, MA — Cornerstone Realty Capital arranged $58 million in financing for the construction of a 269-unit 100% market-rate apartment community in Quincy, MA.

Paul Natalizio

The apartment complex will consist of two five-story, wood-framed residential buildings, a mix of (2) studios, (144) one-bedroom, one-bathroom units and (123) two-bedroom, two-bathroom units. Amenities feature two courtyards that will include a firepit, outdoor kitchen, lounge area and water features, as well as a clubroom, business center, and state-of-the-art fitness center and spa.

Within the clubroom there will be entertainment options such as virtual golf, shuffle board and a pool table as well. An elevator will service each building. Unit finishes will include kitchens with granite counter tops and stainless-steel appliances, bathrooms with cultured marble counter tops, in-unit laundry and 9-foot ceilings.

The living area will feature vinyl wood plank flooring, while the bedrooms will have wall-to-wall carpet. Square footage will vary depending on the unit style, ranging from a 558-square foot studio to a 1,056-square foot two-bedroom unit. The complex will offer sufficient parking to tenants, with 210 structured spaces and 205 surface spaces.

Quincy, situated in Norfolk County, is one of New England’s most dynamic suburban neighborhoods. With a population of approximately 95,000, it is the ideal location for multi-family apartment development in the Boston metro area.

Located just off of Interstate 93, Quincy possess a great geographical location for residents. Within the immediate area surrounding the apartment complex, residents will have access to a multitude of transportation options to bring them directly to two major metropolitan areas: Downtown Boston (11 miles north) and Cambridge (14 miles north). The Quincy Adams MBTA Red Line stop is just under 3.5 miles from the complex, while three commuter rail lines can be picked up from the Quincy Center MBTA stop, located just under 3 miles away, and over a dozen bus routes run throughout Quincy with many of the stops close to the property.

This development is occurring during a pivotal time of growth within Quincy. With the population expected to grow by 3% in the next three years, developers are finding tremendous success with apartment development in Quincy. Rich with history, Quincy is a desirable location for working professionals and families alike. Residents of Quarry Hills will find a plethora of entertainment options, from hiking in the Blue Hills Reservation or golfing at Granite Links Golf Club, to enjoying waterfront dining and activities at Marina Bay and Wollaston Beach.

Paul Natalizio, President at Cornerstone, stated “Quarry Hills Apartments presented an opportunity for the development team to create a top of the line apartment community in a dynamic suburb of Boston.  With panoramic views of the Boston skyline and Granite Links golf course, the property will be first in class in Quincy.  The experience of the Sponsor throughout the northeast created a very competitive marketplace for the financing.”

Cornerstone was able to deliver a construction to permanent financing with the rate fixed for the entire term at closing.  The structure included a period of interest only for construction and stabilization followed by a thirty-year amortization schedule.