Photo by Steve Adams | Banker & Tradesman Staff
A developer with a large portfolio of multifamily housing in Boston and North Shore communities submitted the high bid for a trio of Revere Beach apartment towers in a bankruptcy case.
Waltham-based Helge Capital has offered $42.5 million following an accelerated marketing process for the 303-unit Water’s Edge complex at 364, 370 and 388 Ocean Ave.
Long-time owner Carabetta Companies of Meriden, Connecticut filed for Chapter 11 bankruptcy protection in December 2024, after a lender affiliated with The Davis Companies of Boston initiated foreclosure proceedings.
Revere officials condemned the 364 Ocean Ave. tower, which has a history of fire damage, safety violations and rodent infestation, in August 2024.
An affiliate of The Davis Companies acquired the mortgage for the 5-acre property in November 2024.
Two of the three buildings are vacant.
Last summer, the U.S. Bankruptcy Court in Boston approved the selection of brokerage Newmark to oversee a fast-track marketing process for the property. Nine developers submitted bids, including Helge Capital, which has in-house asset and construction management divisions, according to a bankruptcy court filing.
Founded by CEO Oleg Uritsky, Helge Capital owns a large portfolio of multifamily housing in Boston and northern suburbs, including Revere.
Helge Capital’s recent developments include the 114-unit SORA Revere complex at 93 Bennington St. and the 64-unit Mira condominium project at 301 Border St. in East Boston.
A hearing on the sale motion has been scheduled for Dec. 2 in U.S. Bankruptcy Court in Boston.
