Barnat Launches Phase II of Mixed-Income Multifamily Near Beverly MBTA Station

Barnat Development launched construction on Holmes Beverly Phase II, adding 52 apartment homes adjacent to the existing development near the Beverly Depot MBTA commuter rail station. The project is financed through the newly launched Holmes Opportunity Zone Fund, focused on investing in new multifamily construction projects across New England. Ten million dollars of Holmes OZ Fund equity is paired with $21 million in long-term HUD-insured debt arranged through Berkadia Commercial
Mortgage.

Located at 119 Rantoul St., Phase II will complement the existing 67-unit Holmes Beverly property completed in 2018, Barnat Development said. The new building includes studio, one- and two-bedroom residences with underground parking. Once complete, Holmes Beverly will total 119 units, with 20% designated as workforce housing.

“Holmes Beverly Phase II represents the future of resilient, transit-oriented housing on the North Shore, and the Holmes OZ Fund is our commitment to making more projects like it possible,” said Sarah Barnat, founder and president of Barnat Development.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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