The owner of a Revere Beach waterfront apartment property has closed a refinancing deal that enables it to start a renovation program at the property.
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New York-based Invictus Real Estate Partners secured a $67M loan for its 194-unit Eliot on Ocean apartment building in Revere, JLL announced. The three-year, floating-rate loan is from Bridge Investment Group
The 143K SF property at 660 Ocean Ave. sits directly adjacent to the MBTA's Wonderland Blue Line station. The waterfront apartments offer ocean views of Revere Beach.
The project, completed in 2016, was developed by Upton + Partners. Invictus acquired the property for $84.3M in 2021, according to public records
The loan will be used to renovate the property over a 33-month timeline. The improvement program includes renovations to the lobby, amenity space, fitness center and beachfront terrace. Unit renovations include in-unit washers and dryers, upgraded appliances, smart thermostats and premium finishes.
JLL's Scott Aiese, Tom Sullivan and Alex Staikos represented the borrower in the deal.
"Revere Beach represents one of the few remaining value-add opportunities in Boston's constrained waterfront multifamily market," Aiese said in a statement. "The combination of irreplaceable location, strong transit connectivity, and a clear path to capture market rents through targeted improvements made this an attractive financing for lenders seeking quality coastal assets."
The Revere Beach neighborhood has attracted other multifamily developers, drawn to its location close to the Blue Line and the beach.
Other waterfront developments in the area include Redgate's 195-unit One Beachmont project, Mill Creek Residential's 357-unit Modera Revere Beach and Hines' 209-unit Revio apartment project.
In January, Chelsea-based The Neighborhood Developers broke ground on a 56-unit affordable housing project at 110 Ocean Ave.
The market has brought on more than 2,700 units across the 3-mile waterfront since 2015, according to JLL.
Revere is seeing major development elsewhere as The HYM Investment Group's huge mixed-use project, Suffolk Downs, continues to take shape. In total, the project is anticipated to bring more than 10,000 housing units.
During the 2010s, Revere — along with the inner suburbs of Lynn, Everett and Chelsea — experienced significant population growth. Revere's population jumped by 20% between 2010 and 2020, more than any other city in the state, the Boston Business Journal reported in 2021.
Rents in Revere have also grown, with the average rent now at $2,438, up from $2,360 a year ago, according to Boston Pads.
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