X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-The Allston and Brighton neighborhoods are earning some refinancing money in the form of a 157-unit multifamily portfolio. The Mount Vernon Co.-owned properties commanded a $17-million refi with a 10-year fixed-rate loan at 5.99% and a 30-year amortization.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.