Photo courtesy of Cornerstone Realty Capital

A mid-sized multifamily portfolio in Manchester has been refinanced as interest rates stay low. 

Cornerstone Realty Capital arranged the $13.6 million loan for the 242-unit, 10-building portfolio. The portfolio includes 47 studio units, 85 one-bedroom units and 93 two-bedroom units, plus three retail units leased to a pub, laundromat and hair salon. 

The properties include a variety of amenities, such as passenger elevators, private storage rooms, a combination of covered and off-street parking, and on-site laundry facilities. The units also feature an array of finishes and layouts, some of which include hardwood flooring, balconies, and complete appliance packages. 

“The quality of the collateral pool coupled with the strength and track record of the sponsorship were instrumental in packaging this financing,” Cornerstone Executive Vice President Patrick Brady said in a statement. “Not only were the borrowers able to fix an exceptionally low rate for 10 years with a non-recourse structure, they will also benefit from a full-term interest only period. The marketplace for lending on workforce housing remains incredibly strong throughout New England.”