The refinancing, arranged by Cornerstone Realty Consultants, is for the buildings 129801302 Commonwealth Ave., 8 Greggs St. and 61-77 Brighton Ave. This was a pre-emptive move by the owner, as its prepayments on its current mortgage are not up for another year. This move locked in the appraisal value of the portfolio, as well as the interest rate and loan proceeds. Cornerstone Realty tells GlobeSt.com it was essentially a play to take advantage of the current interest rates. The lender was undisclosed.
"This is a product we think can bring tremendous value to apartment owners by eliminating a lot of the uncertainty that continues to exist in the multifamily financing marketplace," explains Paul Natalizio of Cornerstone, in a statement. "With interest rates where they are today, it's a great time tofr owners to analyse their existing debt and see where they can take advantage of this type of program much like the Mount Vernon Co. did."
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