By Seth Daniel
The Beach House project on Revere Beach Boulevard has secured a key financing agreement with First Niagara Bank.
Baystone Development reported last week that it had secured $50 million in financing to cover the construction of the 234-unit luxury apartment building on the Boulevard.
John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/New England arranged the financing with First Niagara Bank Senior Vice President David Yesue and Market Executive Doug MacLean.
“We financed with First Niagara,” said Roy McDowell of Baystone. “We’ve had it in place for a number of months and we finally closed on it.”
Ward 5 Councillor John Powers said he has been impressed with the project, and is glad to hear the financing has been set in stone.
“This project is a real step in the right direction and it’s a handsome building,” he said. “It’s being built as a matter of right. It’s a project that could have gone up 12 stories as far as zoning is concerned, but they’re only going up five stories. It has a lot of glass on the front. Also, the closest they will be to the sidewalk will be 15 feet, similar to the building next door.”
Powers said Baystone has committed to doing a community project in Ward 5 of up to $50,000 – and he anticipates they will be working on beautifying Butler Circle. The developer is also working with the City to integrate an 18-inch sewer line behind the property that will better handle the project’s needs and those of the neighborhood.
McDowell said Beach House work is progressing and right now they are pouring the foundation and footings. Work on those things will continue through October, November and December, he said. “By the first of the year, we’ll start putting in the modular units,” he said.
Overall, McDowell indicated he is very excited about the prospects of Beach House and the area in general.
“We’re happy with the City,” said McDowell. “We think Revere is a great community and has a lot of positives. What’s going on in Chelsea, Everett and Revere, I think the surrounds to the City of Boston are very desirable and can be an alternative for living in the City. It can be an option that has lower rents and high quality. The new products being built have fabulous amenities – from dog washing stations to fitness rooms. It’s even more qualitative. We’re just happy to be in Revere and look forward to finding other projects to work on.”