Bridge Investment Group Backs $67.2M Refinancing for Boston-Area Multifamily Asset
Bridge Investment Group Backs $67.2M Refinancing for Boston-Area Multifamily Asset
Bridge Investment Group Holdings has originated a $67.2 million loan to refinance Eliot on Ocean, a 194-unit multifamily property situated in the Revere Beach submarket of Massachusetts. The financing is structured as a three-year floating-rate facility, providing capital to the sponsor, Invictus Real Estate Partners, as they pursue a value-add strategy for the seven-story asset.
The transaction was arranged by a team at Jones Lang LaSalle Incorporated, consisting of Scott Aiese, Tom Sullivan, and Alex Staikos. JLL, currently trading with a market capitalization exceeding $16.5 billion, highlighted the property’s positioning within a coastal corridor that has seen substantial institutional interest. According to JLL, the Revere Beach market has attracted more than $1 billion in institutional investment since 2015, positioning the area as a key node for waterfront living outside of Boston.
Located at 660 Ocean Avenue, the property spans 143,252 square feet and originally opened in 2016. Its location is defined by direct access to the first public beach in the United States and immediate adjacency to the Massachusetts Bay Transportation Authority’s Wonderland Blue Line station. This transit connectivity allows residents to reach Downtown Boston in less than 35 minutes, a factor cited by brokers as a driver for the asset’s performance.
Under the new financing structure, Invictus Real Estate Partners intends to execute a business plan focused on interior and common area upgrades. Planned improvements include renovations to the lobby and shared amenity spaces, alongside updates to appliances and finishes throughout the residential units. These initiatives are designed to capture higher market rents by enhancing the resident experience.
What to watch
- Execution of the capital improvement program and its impact on asset occupancy.
- Future floating-rate debt refinancing environment upon the loan’s three-year maturity.
Source: original release