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Allston Development Gets $38.5M Loan

Sep 20, 2017 | Reprints | Unlock Link

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Cornerstone Realty Capital arranged $38.5 million in financing for The Wave, Mount Vernon Co.’s 132-unit rental complex under construction at 530 Western Ave. in Allston.

The 6-story building contains 4,578 square feet of retail space, 115 market-rate apartments and 17 affordable units, a rooftop multipurpose room and fitness center. Apartments range from 520 to 906 square feet.

Cornerstone arranged a fixed-rate financing structure including interest-only construction period through East Boston Savings Bank. Completion is scheduled for spring 2018.

“The location of this development combined with the recent gentrification along Western Avenue make this a great addition to the neighborhood,” Cornerstone President Paul Natalizio said in a statement.

B&T Daily