$150 Million Building Mortgage Secured for Suffolk Downs Redevelopment

Revere, MA– Nationwide Actual Property Advisors, Cathexis and The HYM Funding Group introduced that they’ve secured a $150 million building mortgage for Amaya, a 475-unit, 415,000 sq. foot multi-family residential constructing, the primary of many set to be delivered at Suffolk Downs.

The funding was secured by JLL and offered by Ullico, a labor-owned insurance coverage firm that invests in high-quality building and business actual property tasks throughout the nation.

Located simply steps from the MBTA Blue Line Beachmont Station, Amaya was designed by ICON Structure and can function a variety of condominium types from micro studios to two-bedrooms.

The property can even function 34,000 sq. ft of amenity area and 24,000 sq. ft of ground-floor activated retail area. The constructing’s out of doors facilities will function two landscaped courtyards with a pool, fireplace pits, and out of doors kitchen with grilling stations.

Indoor facilities will function a fully-equipped health heart and yoga room, in addition to a sport room and arcade. Amaya is ready to be delivered in Q2 2024.

John Moriarty and Associates, Nationwide, Cathexis and HYM broke floor on Amaya in Might
2022 together with 100 Salt Avenue, a 280,000 sq. foot life science facility that can even be
accomplished in 2024.

The groundbreaking ceremony served because the official kick-off for Suffolk Downs, one the most important actual property tasks in Massachusetts’s historical past and started the transformation of the 161-acre underutilized web site right into a thriving new city district that may serve the communities of East Boston, Revere and past.

The redevelopment of Suffolk Downs will in the end ship over 10 million sq. ft of
residential growth (roughly 10,000 models) which would be the largest single supply of housing in Higher Boston’s historical past. These residential buildings will embrace a mixture of residences, condominiums, senior housing and reasonably priced housing.

“Nationwide is proud to accomplice with The HYM Funding Group and Cathexis on Amaya as we proceed to develop our residential portfolio all through the Higher Boston area. Ullico’s monetary dedication to Amaya is a vital step for this transformative redevelopment challenge and permits us to proceed working in direction of producing good returns, creating good jobs and delivering high-quality actual property tasks for our traders throughout the nation,” stated Jeff Kanne, President and CEO of Nationwide Actual Property Advisors, on behalf of its purchasers.

“Entry to high-quality, transit-oriented housing choices is vital to better Boston residents now greater than ever,” stated Thomas N. O’Brien, Managing Associate and Chief Government Officer at The HYM Funding Group. “We’re grateful to our companions at Ullico and JLL who’re serving to us meet this want for vital housing infrastructure by way of the supply of Amaya and we stay up for providing many thrilling residential choices at Suffolk Downs that may serve the encompassing Revere and East Boston communities.”

“We’re honored to have had the chance to rearrange building financing for Amaya, the primary of many developments inside Suffolk Downs. Ullico instantly acknowledged the robust attributes of this proposed growth together with its design, high quality and power of the sponsorship staff. We at JLL have been related to the redevelopment of Suffolk Downs from the very starting and admire our longstanding relationship with Nationwide, HYM and Cathexis and stay up for seeing this thrilling challenge come to fruition,” stated Riaz Cassum, Government Managing Director at JLL.

“This challenge is a win for an incredible Boston neighborhood, for the creation of family-sustaining,
career-building union building jobs, and for traders who will profit from the highly-skilled and educated crafts-workers required for a profitable Suffolk Downs,” stated Edward M. Smith, President and CEO of Ullico Inc.

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