Value-Add Revere Beach Apartments Refinanced for $67M

JLL Capital Markets arranged a $67.256-million refinancing for Eliot on Ocean, a 194-unit multifamily property at 660 Ocean Ave. in Revere Beach, MA. Senior managing directors Scott Aiese and Tom Sullivan and director Alex Staikos represented the borrower, Invictus Real Estate Partners, in securing a three-year, floating-rate loan through Bridge Investment Group Holdings Inc.

Built in 2016, the property sits directly adjacent to the MBTA Wonderland Blue Line station, providing residents access to downtown Boston in approximately 33 minutes, and also offers direct access to the beach. The sponsorship’s renovation program will target both common areas and unit interiors over a 33-month timeline.

“Revere Beach represents one of the few remaining value-add opportunities in Boston’s constrained waterfront multifamily market,” said Aiese. “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.”

Stay ahead of the multifamily market at Connect Apartments. Gain firsthand insights from industry leaders on capital markets, development, operations, financing, and investment trends while expanding your network with the people making deals happen. See you on September 22!