Loan will support renovation program at the 194-unit Eliot on Ocean multifamily property.
REVERE, Mass. — JLL Capital Markets has arranged a $67.256 million refinancing for Eliot on Ocean, a 194-unit apartment community on Revere Beach, the company announced Thursday.
JLL represented the borrower, Invictus Real Estate Partners, in securing the three-year, floating-rate loan through Bridge Investment Group Holdings Inc.
Located at 660 Ocean Ave., the 143,252-square-foot property was built in 2016 and is adjacent to the MBTA’s Wonderland Blue Line station, providing direct transit access to downtown Boston. The waterfront community also offers ocean views and direct access to Revere Beach.
The refinancing will support a 33-month renovation program that includes upgrades to both common areas and apartment interiors. Planned improvements include renovations to the lobby, amenity spaces, fitness center and beachfront terrace, as well as the addition of in-unit washers and dryers, upgraded appliances, smart thermostats and premium finishes throughout all 194 apartments.
The JLL Capital Markets Debt Advisory team representing the borrower included Senior Managing Directors Scott Aiese and Tom Sullivan, along with Director Alex Staikos.
“Revere Beach represents one of the few remaining value-add opportunities in Boston’s constrained waterfront multifamily market,” Aiese said. “The combination of irreplaceable location, strong transit connectivity, and a clear path to capture market rents through targeted improvements made this an attractive financing for lenders seeking quality coastal assets.”
According to JLL, Revere Beach has attracted more than $1 billion in institutional investment over the past decade. Since 2015, developers including Hines, Mill Creek, TA Realty, Redgate and Greystar have completed more than 2,700 housing units along the area’s three-mile waterfront corridor.
JLL also noted that the Greater Boston multifamily market remains strong, with net absorption exceeding 5,900 units over the past year. The firm’s market data shows Boston’s apartment vacancy rate remains below the national average, while multifamily properties accounted for 43.6% of all commercial real estate sales in 2025, the largest share among major property sectors.
