(REVERE, MA) – Hines, the global real estate firm, along with its partners Belfonti Companies, LLC and Bridge Investment Group, announced today the start of construction for Revio Revere Beach, a Class-A, multifamily project featuring 209 Class-A apartments. The project team at Hines is also pleased to announce that they have closed on the construction loan with Santander Bank. This marks the fifth project the bank has helped finance with Hines.
Revio Revere Beach, located at 646 Ocean Avenue in Revere, MA, will include 209 apartments above a first-floor retail component. Each apartment will include high-end finishes and thoughtfully designed floor plans to maximize convenience, comfort, and views of the water. Over 20,000 square feet of Revio Revere Beach will be dedicated to amenities, including an elevated, outdoor courtyard, a large pool, and roof deck, all overlooking the Atlantic Ocean.
“Highly amenitized buildings have become the new normal, and these amenities are critical to attracting young professionals and empty-nesters looking for living spaces that offer real quality of life. Renters today are also looking for common areas that encourage and foster a social life. Revio Revere Beach offers all that and more,” said Hines Senior Managing Director David Perry.
“It used to be that if people could buy, they would never rent. But today we are seeing a greater influx of renters-by-choice. We are confident that Revio Revere Beach is going to be the first choice for many people, and we expect that the units will lease very quickly,” said Michael Belfonti, CEO and founder of Belfonti Companies.
“Revio Revere Beach is entering the rental market at just the right time, with ample work from home spaces and a focus on health and wellness. Our building has what it takes to attract residents who desire live-work-play all under one roof,” said Bridge Investment Group’s David Coelho.
Construction is expected to be completed by second quarter of 2024, with marketing and pre-leasing efforts to begin at the end of 2023.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit http://ea626e.ephtryency.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.
About Belfonti Companies
Belfonti Companies, LLC, headquartered in Hamden, Connecticut, actively pursues real estate development and investment opportunities throughout the United States and internationally. Under the leadership of Michael Belfonti (the company’s founder, President, and CEO), the company has successfully owned and managed millions of square feet of real estate over the years and has completed billions of dollars’ worth of transactions. At the present time the group’s portfolio contains a wide variety of assets including residential apartment units, office buildings, retail centers and industrial parks. Visit www.belfonti.com for more information.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $36.3 billion of assets under management as of December 31, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit. To learn more about Bridge Investment Group, visit www.bridgeig.com.