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Invictus Real Estate secures $67M refi for Revere Beach apartment renovation
The three-year, floating-rate loan funds a 33-month improvement program for the 194-unit Eliot on Ocean building, including upgrades to units and shared amenities.
New York-based Invictus Real Estate Partners has closed a refinancing deal to fund renovations at its Revere Beach waterfront apartment property, according to JLL.
The borrower secured a $67M, three-year floating-rate loan for the 194-unit Eliot on Ocean at 660 Ocean Ave., a 143,000-square-foot building adjacent to the MBTA Wonderland Blue Line station. Invictus acquired the asset for $84.3M in 2021, according to public records.
The renovation plan is set to run over 33 months and includes improvements to the lobby, amenity space, fitness center, and beachfront terrace. Unit upgrades include in-unit washers and dryers, upgraded appliances, smart thermostats, and premium finishes.
In a statement carried by JLL, Scott Aiese said Revere Beach remains one of the few value-add opportunities in Boston's constrained waterfront multifamily market, citing the area’s location, transit access, and a path to capture higher market rents through targeted upgrades. JLL also noted that Revere has added more than 2,700 units along the 3-mile waterfront since 2015 and highlighted nearby projects including developments by Redgate, Mill Creek Residential, and Hines.