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Bridge Investment Group Provides $67M Refi for Value-Add Multifamily Outside Boston
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Commercial Observer
Invictus Real Estate Partners has secured $67.2 million to refinance Eliot on Ocean, a 194-unit multifamily property in Revere Beach, Mass., a coastal submarket five miles outside of Boston.
Bridge Investment Group Holdings provided the debt, structured as a three-year, floating-rate loan, while a JLL Capital Markets team of Scott Aiese, Tom Sullivan and Alex Staikos arranged the transaction.
“Revere Beach represents one of the few remaining value-add opportunities in Boston’s constrained waterfront multifamily market,” said Aiese, who noted that the Revere Beach market has received more than $1 billion in institutional investment since 2015.
Located at 660 Ocean Avenue in Revere Beach — a three-mile waterfront corridor that is home to the first public beach in the United States — the seven-story Eliot on Ocean spans 143,252 square feet and opened in 2016.
Invictus Real Estate Partners plans to improve the lobby and shared amenity spaces and improve appliances and finishes throughout the complex, according to JLL.