{  Somerville, MA  }

$9,050,000

Local Bank

LTV: 65%

Cornerstone provided $9,050,000 in permanent financing for the acquisition of a 34-unit apartment building in Somerville, MA. A local banking institution provided a non-recourse loan at 65% of the cost to acquire the property. The interest rate was fixed for 10 years through an interest rate swap and provided the borrower with 12 months of interest only followed by 30-year amortization.