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Thu, Aug 11
A Compendium of Property & Capital News
Aug 11

Cornerstone Realty Capital Secures the Construction of a 250-Unit, Multifamily Development

May 24, 2021
250-Unit, Multifamily Development (RENDERING), Shrewsbury, MA

SHREWSBURY — Cornerstone Realty Capital has arranged $53.285 million for the development of a 250-unit apartment building in Shrewsbury, MA. The Class A property, to be known as Edgemere Crossing, will feature luxury finishes as well as desirable onsite amenities including a fitness center, business center, outdoor grilling area, and a swimming pool. In addition, the development will be adjacent to a planned Market Basket anchored retail center. The financing package represents 70% LTC and includes a low, floating rate with 36 months of interest only followed by a 30-year amortization schedule.