458-466 Lincoln St., Stoughton. Image courtesy of the town of Stoughton.

A Stoughton apartment complex is set to get a renovation funded by $8 million in financing from Cornerstone Realty Capital.

The two-building, 48-unit complex at the intersection of Central and Lincoln streets is divided between 18 two-bedroom units and six one-bedroom units. Cornerstone arranged the financing for new owners True North Capital Partners. The price of the sale was not disclosed in an announcement from Cornerstone.

The buildings will be undergoing renovations, including transforming eight one-bedroom units into two-bedroom units for a total of 44 two-bedroom and four one-bedroom units. Additional renovations will include updates to the common areas and flooring, as well as adding a patio and grilling area, playground, dog run and bike racks.

The property is a six-minute drive from the Stoughton Commuter Rail station and sits near Route 24 and IKEA’s Boston-area store.

“Due to Cornerstone’s aggressive disposition in the market, diligent process and their strong relationships with lenders we were able to secure a financing package that was custom tailored to our plan for this property. Now, with financing in place, our vision for this property can be properly realized,” Jeff Bruce, managing director and founder of True North Capital Partners, said in a statement.

Cornerstone was able to deliver a financing structure fixed at closing for 75 percent of the acquisition and 100 percent of the renovation budget. The structure offers True North 30 months of interest-only payments which will allow the company time to complete renovations and reposition the asset, Cornerstone said in a statement. Upon stabilization the loan will convert to 35-year amortization.