Photo courtesy of JLL
An affiliate of a Utah-based real estate investor refinanced the first building in Revere Beach’s recent wave of multifamily properties last month.
Bride Investment Group Holdings provided a loan to Invictus Real Estate Partners, owner of the Eliot on Ocean complex, according to a Suffolk County mortgage filed on July 10. The loan document did not name a specific dollar amount, but brokerage JLL, which said its capital markets unit arranged the financing, characterized it as a $67.26 million refinancing, with a three-year term and a floating interest rate.
Developer Upton & Partners completed the Eliot on Ocean in 2016, and sold the 194-unit complex at 660 Ocean Ave. to Invictus for $84.35 million in 2021.
The property was the first to test Revere Beach’s multifamily development waters after a 25-year drought, followed closely by Upton & Partners’ Ocean 650.
Since then, 11 large apartment complexes and one hotel have gone up or begun construction along the beach, plus an all-affordable housing development by The Neighborhood Developers that began construction in recent months. The sweeping public beach and nearby MBTA subway service were uniformly the biggest draws for a 10-year, $1 billion wave of construction that added thousands of new units.
Invictus will use the refinance loan to launch a renovation program, JLL said. The lobby, amenity spaces, fitness center and beachfront terrace will be upgraded to “match the quality” of the Eliot’s newer competition. Units will be renovated to add in-unit washers and dryers, upgraded appliances, smart thermostats and “premium finishes.”
“Revere Beach represents one of the few remaining value-add opportunities in Boston’s constrained waterfront multifamily market,” JLL Senior Managing Director Scott 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.”
Aiese and fellow senior managing director Tom Sullivan and director Alex Staikos represented Invcictus in the transaction, JLL said.
