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BURLINGTON, MA-One of the region's rare examples of cooperative housing—and the largest of its kind in Massachusetts—has received $18.7 million in a refinancing that will allow the operating company to upgrade the complex. The Residences at Beacon Village obtained its 10-year fixed-rate loan from Prudential Insurance Co.

"It's certainly unique for the area," concurs Paul Natalizio, whose Cornerstone Realty Consultants secured the financing for the operator, First Patriot Corp. Only a handful of cooperatives exist in the state, and the Residences at Beacon Village's 420 units rank the development as the largest of that sampling, says Natalizio. Developed between 1970 and 1972 before being converted to a coop in 1983, the Residences at Beacon Village would be considered a substantial property under any arrangement, featuring 35 buildings on a 22-acre parcel recessed along the Route 128/Interstate 95 corridor.

Prudential was among several national lenders that Cornerstone took the opportunity to, and Natalizio says the insurer's experience handling such ownership structures provided the assurance that they could address the intricacies of such an arrangement. The non-recourse loan has a fixed interest rate of 5.68%. The monies were used to pay off an existing FHA loan and to provide funds for a major renovation, an element that Natalizio says will further enhance the investment. New facades are among several capital improvements being made to the property. "It will definitely make it a more functional and attractive property," Natalizio tells GlobeSt.com, adding that the strong demographics of the Burlington market and proximity to the Route 128 business community have always been demand drivers for the units.