JLL Arranges $67.3M Refinancing for Invictus Real Estate Partners at Revere Beach Multifamily Property
JLL Capital Markets has arranged a $67.256 million refinancing for Eliot on Ocean, a 194-unit multifamily property located at 660 Ocean Ave. in Revere Beach, Massachusetts. JLL represented the borrower, Invictus Real Estate Partners, in securing the three-year, floating-rate loan through Bridge Investment Group Holdings Inc., the firms announced Aug. 6, 2026.
Deal Structure and Renovation Plan
The refinancing is structured as a floating-rate loan with a 36-month term and is tied to a value-add business plan that calls for renovations across both common areas and unit interiors over a 33-month timeline. Planned common area improvements include upgrades to the lobby, amenity spaces, fitness center, and beachfront terrace. Unit-level upgrades will add in-unit washers and dryers, upgraded appliances, smart thermostats, and premium finishes across all 194 units.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Scott Aiese and Tom Sullivan and Director Alex Staikos.
"Revere Beach represents one of the few remaining value-add opportunities in Boston's constrained waterfront multifamily market," Aiese said in a statement. "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."
Property Overview: Transit Access and Waterfront Positioning
Built in 2016, the 143,252-square-foot Eliot on Ocean sits directly adjacent to the MBTA Wonderland Blue Line station, providing residents access to downtown Boston in approximately 33 minutes. The property features ocean views and direct beach access at Revere Beach, recognized as America's first public beach.
Revere Beach Submarket Context
Revere Beach has attracted more than $1 billion in institutional investment over the past decade. More than 2,700 units have been delivered along the three-mile waterfront corridor since 2015 by developers including Hines, Mill Creek Residential, TA Realty, Redgate, and Greystar. JLL characterizes the submarket as one of Greater Boston's most dynamic residential markets, noting that the scale of prior institutional development has reduced the remaining inventory of value-add opportunities.
Boston Multifamily Market Conditions
The broader Boston multifamily market has demonstrated sustained demand fundamentals. Net absorption in the metro exceeded 5,900 units over the past year, and Boston's vacancy rate runs approximately 200 basis points below the national average. Multifamily assets accounted for 43.6% of all commercial property sales in Boston in 2025, the highest share among major asset classes tracked by JLL.
New York-based Invictus Real Estate Partners is a real estate private equity firm whose principals bring more than 120 years of combined investment experience. JLL is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in more than 80 countries. Bridge Investment Group Holdings Inc. served as the lender on the transaction.