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Invictus secures $67.2M refinance for 194-unit multifamily in Revere Beach
The three-year, floating-rate loan from Bridge Investment Group Holdings funds a value-add plan to upgrade the lobby, shared amenities, and in-unit appliances and finishes.
Invictus Real Estate Partners has secured $67.2 million to refinance Eliot on Ocean, a 194-unit multifamily property in Revere Beach, Massachusetts, Commercial Observer reports. The financing was provided by Bridge Investment Group Holdings as a three-year, floating-rate loan, arranged by a JLL Capital Markets team that includes Scott Aiese, Tom Sullivan and Alex Staikos. In comments cited by the outlet, Aiese said the asset’s location is a key selling point, emphasizing its transit connectivity, and framed the refinancing as a value-add strategy aimed at capturing higher market rents through capital improvements.
Eliot on Ocean sits at 660 Ocean Avenue in Revere Beach, a coastal submarket about five miles outside Boston. The seven-story building totals 143,252 square feet and opened in 2016, offering residents direct access to the waterfront.
According to JLL, Invictus plans to improve the lobby and shared amenity spaces and upgrade appliances and finishes throughout the complex. The property is also located directly on the Massachusetts Bay Transportation Authority’s Wonderland Blue Line station, with a trip into Downtown Boston in less than 35 minutes.