Invictus Real Estate Partners has secured $67.256 million in refinancing for Eliot on Ocean, a 194-unit multifamily property in Revere Beach, Mass.
Eliot on Ocean is located at 660 Ocean Ave. Built in 2016, the property sits directly adjacent to the MBTA Wonderland Blue Line station, providing residents access to downtown Boston in approximately 33 minutes. The 143,252-square-foot property features ocean views and direct beach access at America’s first public beach.
The sponsorship’s renovation program will target both common areas and unit interiors over a 33-month timeline. Common-area improvements will enhance the lobby, amenity spaces, fitness center and beachfront terrace to match the quality of newer properties in the submarket. The unit renovation program will add in-unit washers and dryers, upgraded appliances, smart thermostats and premium finishes across all 194 units.
JLL represented the borrower in securing the three-year, floating-rate loan thro
