Bridge Investment Group Provides $67M Refi for Value-Add Multifamily Outside Boston

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.

In a statement, Aiese spoke to the asset’s “irreplaceable location,” particularly because of the property’s transit connectivity, and noted that the deal is a value-add play for the sponsor who aims to capture higher market rents through capital improvements. 

“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. 

Aside from offering residents direct access to the beach, the apartment complex sits directly on the Massachusetts Bay Transportation Authority’s Wonderland Blue Line station, offering a trip into Downtown Boston in less than 35 minutes. 

Invictus Real Estate Partners plans to improve the lobby and shared amenity spaces and improve appliances and finishes throughout the complex, according to JLL. 

Brian Pascus can be reached at bpascus@commercialobserver.com.