Cornerstone Arranges $8.72 Million in Four Loans

MALDEN, MA — Two apartment buildings here are among a quartet of multifamily properties receiving year-end mortgage funding arranged by Cornerstone Realty Consultants of Stoneham. The total consideration of $8.72 million in four separate loans was secured on behalf of Trident Management, an experienced real estate operator active north of Boston.

The funding enabled Trident to refinance2 Webster St. in Malden and 139 Washington St. in Reading, plus purchase 265 Bryant St. in Malden and 169 Aiken Ave. in Lowell, with the latter transaction a $1.5 million deal involving 25 units that closed on Dec. 31st. In that instance, Trident received $1.2 million from Greystone Servicing Corp. via a 10-year, fixed-rate instrument at 6.07 percent
interest and a 30-year amortization.

South Shore Savings Bank stepped up to deliver the remaining three loans, providing $3.77 million for Trident’s $4.71 million acquisition of 265 Bryant St., a 39-unit asset located just off Route 60. Cornerstone principals Paul Natalizio and Brett Pagani won
Trident a 30-year amortization fixed at 3.65 percent for three years and a 6.0 percent rate cap on the second three years.

South Shore Savings Bank provided similar terms for the refinancings. The LTV on both properties is 75 percent for the 16-unit asset in Reading that Trident acquired in February 2008 and for 2 Webster St., a 26-unit property held by the firm since last January.

The flurry of loan commitments brought praise from Trident Management principal Michael G. Sullivan. “Cornerstone’s ability to deliver the market’s most competitive and comprehensive financing solutions has been instrumental to our growth and success,”
Sullivan says in a press release issued this week announcing the agreements. The professional guidance “made the entire
process easy to navigate from start to finish,” adds Sullivan, whose “strength and operating experience” was cited by Cornerstone as key to completing the deals quickly and under favorable terms.

The assignments helped cap off a busy 2010 for Cornerstone, which also provided late-season funding to the Bilotti Group of Rhode Island enabling the purchase of Pocasset Village in Cranston, RI. The 10- year, $7.25 million fixed-rate financing on that deal is backed by an eight-building, 120-unit apartment property within five miles of downtown Providence.