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CBRE New England Secures $50 Million Construction Financing for Beach House in Revere

Boston On behalf of Baystone Development, CBRE/New England’s Debt & Structured Finance team secured construction financing for Beach House, a 234-unit luxury apartment development located in Revere, MA.

CBRE/New England’s John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce arranged the construction loan with First Niagara Bank’s Senior Vice President, David Yesue, and Market Executive, Doug MacLean.

beach-house“We are pleased to have assisted Baystone Development with the construction financing and look forward to the grand opening of this exciting new development,” noted CBRE/NE’s Kelly.

“It’s been our pleasure to have worked with Baystone Development and the MacDowell family in connection with the financing of this unique project. Our institution has been providing debt in support of well-located and inspired projects in and around eastern Massachusetts. This new development should provide an attractive option to renters seeking a well-located and well-appointed home with great amenities at a discount to downtown Boston options,” said First Niagara Bank’s Yesue.

“Beach House will offer our residents a full package of luxury amenities and panoramic views of the Atlantic Ocean and Boston’s skyline. This is an important landmark across from Revere Beach and we are excited to be part of the Revere community,” added Baystone Development’s Roy S. MacDowell, III from.

Beach House is located directly across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. The new luxury development is just 5.5 miles north of Boston with direct access via Route 1A and the MBTA Blue Line at Wonderland Station. Beach House will feature open layout floor plans with a full amenity package including a resort-style heated outdoor pool, roof deck with views of the Boston skyline, professional-quality fitness center, resident club area with full kitchen and an entertainment package featuring a theater room.

Baystone Development is a regional leader in real estate development and investment. Baystone principals have over 75 years of industry experience. Collectively, the principals have invested, developed or permitted over two million square feet of commercial space including over 3,500 dwellings with an aggregate total value in excess of $800 million. The team is known for some of the most successful development projects in New England. Such projects include Cronin’s Landing and Longview Place, both of which have been the subject of Harvard Graduate School of Design case studies.

 

 

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