June 17, 2020
Cornerstone Realty Capital has arranged a $34 million construction loan for West End Yards, a 134-unit apartment project in Portsmouth. The lender was not disclosed.
The property is being developed by Boston-based Torrington Properties, and will feature a unit mix of 44 studios, 51 one-bedrooms, and 39 two-bedroom units. Amenities will include a fitness center, bicycle station and a full-time property management and maintenance staff. The project is one mile from downtown Portsmouth.
“This site, given its convenient location in the near vicinity of downtown Portsmouth and several considerable roadways, is poised for this type of high-quality development that caters directly to the sort of resident Portsmouth attracts,” said Jay Bisognano, president at Torrington Properties.
“In the endeavor to create such a property, Cornerstone has played an instrumental role throughout, as they have not only provided us with a comprehensive financing package, but have served as trusted advisors throughout this several yearlong process.”
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Tags: Development, Financing
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