Image courtesy of Cornerstone Realty Capital.

A 44-unit multifamily portfolio in Concord will soon be undergoing substantial renovations thanks to $3 million in financing.

Cornerstone Realty Capital arranged a seven-year fixed-rate loan package, with 2 years of interest only, financing the purchase of the properties as well as 100 percent of the planned construction in the six buildings. The work will expand the unit count to 46; once renovations are complete, the properties will feature a unit-mix of three commercial units, 12 studios, 20 one-bedroom units, nine two-bedroom units, and two three-bedroom units. Planned renovations include modernizing each unit with stainless-steel appliances, granite countertops and updated cabinetry. Select units will also receive updated new flooring, fresh paint and bathroom upgrades. Each property includes on-site parking available to tenants, with select properties including detached garages as well.

Over the last five years, Concord has begun to see steady population growth, and within the last year, a number of key development projects have been set into motion to shape Concord in new and exciting ways. Already this year, a new theater, hotel, restaurants, brewery and speakeasy bar have all opened their doors. These initial developments have attracted more attention from young professionals looking for affordable rent in a city environment but with access to regional employment centers along Interstate 93.

“Downtown Concord is in the midst of a renaissance, and this transaction is only further evidence,” Patrick Brady, vice president of Cornerstone, said in a statement. “Properties are changing hands from legacy landlords to value-add investors, and they are breathing life into an urban area that has significant Millennial demand for higher end residential product within walking distance to employment centers, restaurants, amenities and activities.”