Developers Secure $150M LoanFor Residential Construction at Suffolk Downs Redevelopment

National Real Estate Advisors (“National”), Cathexis and The HYM Investment Group (“HYM”) announced that they have secured a $150 million construction loan for Amaya, a 475-unit, 415,000 square foot multi-family residential building, the first of many set to be delivered at Suffolk Downs. The funding was secured by JLL and provided by Ullico, a labor-owned insurance company that invests in high-quality construction and commercial real estate projects across the country.

Situated just steps from the MBTA Blue Line Beachmont Station, Amaya was designed by ICON Architecture and will feature a range of apartment styles 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 activated retail space. The building’s outdoor amenities will feature two landscaped courtyards with a pool, fire pits, and outdoor kitchen with grilling stations. Indoor amenities will feature a fully-equipped 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 and began the transformation of the 161-acre underutilized site into a thriving new urban district that will serve the communities of East Boston, Revere and beyond.

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. 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,” said Jeff Kanne, President and CEO of National Real Estate Advisors, on behalf of its clients.

“Access to high-quality, transit-oriented housing options is critical to greater Boston residents now more than ever,” said Thomas N. O’Brien, Managing Partner and Chief Executive Officer at The HYM Investment Group. “We are grateful to our partners at Ullico and JLL who are helping us meet this need for critical housing infrastructure through the delivery of Amaya and we look forward to offering many exciting residential options at Suffolk Downs that will serve the surrounding Revere and East Boston communities.”

“We are honored to have had the opportunity to arrange construction financing for Amaya, the first of many developments within Suffolk Downs.  Ullico immediately recognized the strong attributes of this proposed development including its design, quality and strength of the sponsorship team.  We at JLL have been associated with the redevelopment of Suffolk Downs from the very beginning and appreciate our longstanding relationship with National, HYM and Cathexis and look forward to seeing this exciting project come to fruition,” said Riaz Cassum, Executive Managing Director at JLL.

“This project is a win for a great Boston neighborhood, for the creation of family-sustaining, career-building union construction jobs, and for investors who will benefit from the highly-skilled and trained crafts-workers required for a successful Suffolk Downs,” said Edward M. Smith, President and CEO of Ullico Inc.

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