Cornerstone Realty Capital has arranged $14 million financing for Langley Terrace, a multifamily community in Newton, Mass. The property comprises three buildings and one two-family home, which will be leveled in order to construct an addition three-story apartment building.
President of Cornerstone Realty Capital, Paul Natalizio, led the financing for the property, which included a low rate fixed financing structure with three years of interest only, followed by a 30-year amortization. A portion of the loan will be used to refinance the existing debt with the remaining funds used for construction. The entire loan was fixed at closing.
Located at 392-404 Langley Road, upon completion the asset will feature four buildings totaling 66 apartment units. Floorplans will be offered in studio, one- and two-bedrooms, averaging around 728 square feet.
Construction will include the development of the new asset as well as enhancements to the entire community. The work is scheduled for completion by June 2019. Amenities coming to the community include:
- a courtyard
- shared outdoor space
- grilling areas
- state-of-the-art gym
- bike storage
Langley Terrace is located within one of Newton’s villages, Thompsonville. The community offers access to shopping, movie theaters, fitness studios and dining. Newton is home to many popular colleges including Boston College’s Law School campus and Mount Ida College. Route 9 and 1-95 are also located nearby.
“Langley Terrace is a unique project that provides amenities to the existing units while creating a new supply of luxury apartments,” said Marcello Micozzi, vice president & principal at the Micozzi Cos. “We continue to see increased demand for apartments in the areas surrounding Newton Centre.”
Image courtesy of Cornerstone Realty Capital