"It was a challenge, but we're proud to say we did it,"Cornerstone Realty Consultants principal Paul Natalizio tellsGlobeSt.com. Malden-based Cornerstone had just 27 days to securethe bridge loan once the affiliate of Red Oak Property Managementretained the firm to back its purchase of the 20-acre complex nearDowntown Manchester. "It was all hands on deck," Nataliziorecounts, scrambling to obtain reports, perform underwriting andcomplete the necessary legal work. The first round wrapped up onDec. 31, after which Cornerstone set about arranging the permanentmortgage. Natalizio did not divulge terms of either loan, but saysthe asset was well-received by the lending community due to theexperienced buyer and the quality of Sunset Ridge.

"It's a very nice project," he says of the complex of one- andtwo-bedroom townhouse units. The previous owner investedsubstantial capital, relays Natalizio, upgrading common areas andthe exteriors while also fixing the landscaping and parking lotsthat accommodate 382 vehicles. Sunset Ridge features European-stylekitchens, deck space and on-site storage. There is also a clubhousewith billiards, a fitness center, flat screen televisions, kitchenand swimming pool.

Red Oak Management president Ronald Dupont says he could nothave pursued his quest for Sunset Ridge without the effort putforth by Cornerstone. "I contacted several other mortgageconsultants and they were not able to inspire the confidence andcomfort level offered by Cornerstone that this loan could meet mydistinct need to fund by Dec. 31," he says of the short-term bridgefinancing.