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Funding finalized for Suffolk Downs project in Massachusetts

DCN-JOC News Services
Funding finalized for Suffolk Downs project in Massachusetts
NREA — Ground was broken on the Amaya project in Suffolk Downs, Mass. in May with completion targeted for 2024.

REVERE, MASS. — Three partners have announced they have secured a $150 million construction loan for Amaya, a 475-unit, 415,000-square-foot multi-family residential building, the first project set to be delivered at the Suffolk Downs development in Massachusetts.

The deal was announced by National Real Estate Advisors, Cathexis and the HYM Investment. Funding was secured by JLL and provided by Ullico, a labor-owned insurance company that invests in construction and commercial real estate projects. The project is located near the MBTA Blue Line Beachmont Station.

Amaya was designed by ICON Architecture. Units will range from micro studios to two-bedrooms. The property will also feature 34,000 square feet of amenity space and 24,000 square feet of ground-floor retail space.

Outdoor amenities will feature two landscaped courtyards with a pool, fire pits and outdoor kitchen with grilling stations. Indoor amenities will include a fitness center and yoga room as well as a game room and arcade. Amaya is set to be delivered in Q2 2024.

John Moriarty and Associates, National, Cathexis and HYM broke ground on Amaya in May 2022 along with 100 Salt Street, a 280,000-square-foot life science facility that will also be completed in 2024. The groundbreaking ceremony served as the official kick-off for Suffolk Downs, one the largest real estate projects in Massachusetts’s history.

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

“National is proud to partner with the HYM Investment Group and Cathexis on Amaya as we continue to expand our residential portfolio throughout the Greater Boston region,” stated Jeff Kanne, president and CEO of National Real Estate Advisors, in a release. “Ullico’s financial commitment to Amaya is a critical step for this transformative redevelopment project and allows us to continue working towards generating good returns, creating good jobs and delivering high-quality real estate projects for our investors across the country.”

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