January 10, 2020
Cornerstone Realty Capital recently arranged $11.4 million for the construction of a 47-unit luxury apartment development in Dudley Square, within Boston’s Lower Roxbury neighborhood. The loan was structured as fixed-rate, with a 24-month, interest-only term and a six-month extension option.
“In recent years, Lower Roxbury and, more critically, Dudley Square have seen an exponential increase in development along a similar grain to the now formative South End neighborhood,” said VP Andrew Saccone at Cornerstone.
He added, “This marketability, coupled with the strength of the project due to the borrower’s construction experience and intensive due diligence process, resulted in tailor-made loan terms that will allow this site to inevitably reach its tremendous potential.”
The six-story building will feature two retail spaces on the ground floor and a mix of one-and two-bedroom units above. It will be convenient to the Roxbury Crossing bus station and two Orange Line subway stops.
For comments, questions or concerns, please contact Paul Bubny