BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Massachusetts.
Working on behalf of the borrower and buyer, The HYM Investment Group, LLC, HFF placed the short-term, floating-rate loan with Bank of the Ozarks. Additionally, HFF acted as an advisor to the buyer in the transaction.
Suffolk Downs is located between East Boston and Revere, just four miles from Boston’s downtown commercial core. The site comprises 108.8 acres in Boston and 52.4 acres in Revere and is adjacent to Route 1A, allowing quick vehicular access to downtown Boston and Logan International Airport. The transit-oriented property is also served by two MBTA Blue Line stations, Suffolk Downs and Beachmont, providing access to downtown Boston in less than ten minutes. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer of 2018.
The HFF team was led by executive managing director John Fowler, managing director Anthony Cutone, director Jennifer Keller and associate Andrew Gray.
“We are thrilled to be involved in the capitalization of one of the largest and most exciting mixed-use projects in East Boston and Revere,” said Fowler. “HYM is undoubtedly the right team for the project, and to work with the local communities to bring much needed transit-oriented housing, retail, amenities and businesses to the area.”
The HYM Investment Group, LLC is a Boston-based real estate company focused on the acquisition, development and management of complicated urban mixed-use projects. HYM is currently leading the development of over nine million square feet of mixed-use development in Greater Boston, including the following notable and complex projects: Bulfinch Crossing (Government Center Garage redevelopment), NorthPoint/Twenty|20 and Suffolk Downs Redevelopment. In addition, HYM is the co-developer of 80 Guest Street (Boston Bruins Training Facility at Boston Landing), 125 Guest Street (Luxury Apartment Tower at Boston Landing) and Waterside Place (Seaport District Luxury Apartment Tower).
HYM is focused on creating significant value for investors by recognizing real estate opportunities where others may not. Each real estate asset is treated as a unique real estate opportunity, and each asset plan seeks to cause the real estate to reconnect, energize and enhance the urban communities of which it is a part. For more than 35 years HYM’s principals have been working on real estate ventures in the Boston, New York and Washington, D.C. corridor.