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Image courtesy of ICON Architecture
Developers received a $150 million construction loan for the first residential building at the former Suffolk Downs racetrack property.
The 475-unit Amaya complex spans 415,000 square feet on the Revere section of the property near Beachmont station on the MBTA Blue Line.
Boston-based HYM Investment Group, Texas family office Cathexis and National Real Estate Advisors are partnering on the 16.5 million-square-foot redevelopment.
JLL sourced the loan from Washington, D.C.-based insurer Ullico, which finances projects that use 100 percent union labor.
Designed by Boston-based ICON Architecture, the property will include a range of units sizes from micro studios to two-bedroom apartments and 24,000 square feet of ground-floor retail space. Resident amenities include a pool, outdoor kitchen, game room and arcade.
The project broke ground in May along with the first commercial building, a 280,000-square-foot life science facility at 100 Salt St. is scheduled for completion in the second quarter of 2024.
