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Cornerstone Realty Capital Provides Financing For Apartment Acquisition

Feb 8, 2016 | Reprints | Unlock Link | Print

Cornerstone Realty Capital has arranged $23.25 million in financing for the acquisition of a Somerville apartment complex.

Alpha Management will acquire Spring Hill Apartments on Summer Street. The three-building complex contains 106 units – a mix of studio, one-, two-, three- and four-bedroom apartments. The units will be renovated with new granite countertops, refinished hardwood floors and updated kitchens and baths.

Cornerstone provided a 15-year loan term.

Executive Briefing