Real estate

$150m construction loan secured for Suffolk Downs redevelopment

Revere, MA– National Real Estate Advisors, investment and The HYM investment group announced that they have secured a $150 million construction loan for Amaya, a 475-unit, 415,000-square-foot multi-family residential building, the first of many to be delivered in Suffolk Downs.

The financing was secured by JLL and provided by Ullico, a worker-owned insurance company that invests in high-quality construction and commercial real estate projects across the country.

Located steps from the MBTA Blue Line Beachmont station, Amaya was designed by ICON Architecture and will offer a range of apartment styles from micro studios to two bedrooms.

The property will also include 34,000 square feet of amenity space and 24,000 square feet of ground floor enabled retail space. The building’s outdoor amenities will include two landscaped courtyards with a swimming pool, fire pits and an outdoor kitchen with grilling stations.

Indoor facilities will include a fully equipped fitness center and yoga room, as well as a game room and arcade room. Amaya is expected to be delivered in the second quarter of 2024.

John Moriarty and Associates, National, Cathexis and HYM inaugurated Amaya in May
2022 with 100 Salt Street, a 280,000 square foot life science facility that will also be
completed in 2024.

The ground-breaking ceremony served as the official kick-off for Suffolk Downs, one of the largest real estate projects in Massachusetts history and began the transformation of the underutilized 161-acre site into a new neighborhood thriving city that will serve the communities of East Boston, Revere and beyond.

The Suffolk Downs redevelopment will ultimately provide over 10 million square feet of
residential development (approximately 10,000 units) which will be the largest housing delivery in Greater Boston’s history. These residential buildings will include a mix of apartments, condominiums, seniors’ residences and affordable housing.

“National is proud to partner with HYM Investment Group and Cathexis on Amaya as we continue to expand our residential portfolio in the Greater Boston area. Ullico’s financial commitment to Amaya is a crucial step for this transformative redevelopment project and allows us to continue working to generate good returns, create good jobs and deliver high quality real estate projects for our investors across the country,” said Jeff Kanne, President and CEO. CEO of National Real Estate Advisors, on behalf of his clients.

“Access to high-quality, transit-oriented housing options is more critical than ever for residents of Greater Boston,” said Thomas N. O’Brien, managing partner and CEO of The HYM Investment Group. “We are grateful to our partners at Ullico and JLL who are helping us meet this critical housing infrastructure need through the delivery of Amaya and we look forward to providing many great residential options in Suffolk Downs which will serve the surrounding communities of Revere and East Boston. .”

“We are honored to have had the opportunity to arrange financing for the construction of Amaya, the first of many developments within Suffolk Downs. Ullico immediately recognized the strengths of this proposed development, including its design, the quality and the strength of the sponsoring team. At JLL we have been associated with the redevelopment of Suffolk Downs from the very beginning and appreciate our longstanding relationship with National, HYM and Cathexis and look forward to seeing this exciting project come to fruition,” said Riaz Cassum, Executive Managing Director. from JLL.

“This project is a win for a great neighborhood in Boston, for creating families
career union construction jobs and for investors who will benefit from the highly skilled and trained craftsmen necessary for the success of Suffolk Downs,” said Edward M. Smith, President and Chief Executive Officer of Ullico Inc.