January 17, 2020
Cornerstone Realty Capital recently arranged $6.4 million for the refinance of a 32-unit, mixed-use high-rise apartment building in Manchester, NH. The property, known as Pearson’s Place Apartments, was completely redeveloped between 2018-2019.
Cornerstone arranged a low fixed rate for a term of 12 years, with the first five years being interest only followed by a 30-year amortization. “This was a textbook recapitalization,” said Cornerstone’s Patrick Brady, who arranged the financing.
“Having placed the original construction and redevelopment loan, Cornerstone kept in constant contact with the borrower regarding terms that were available in the market, and what hurdles we needed to achieve to maximize their refinance goals,” Brady continued. “We were able to provide close to 100% loan-to-cost with just three months of stabilized operations, allowing the borrower the ability to redeploy capital and continue to grow their portfolio.”
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