Barnat Development begins work on Phase II of Holmes Beverly - construction led by NEI General Contracting

Beverly, MA Barnat Development has begun construction on Holmes Beverly Phase II, adding 52 apartment homes adjacent to the existing development near the Beverly Depot MBTA commuter rail station.

The project is financed through the newly launched Holmes Opportunity Zone Fund, focused on investing in new multifamily construction projects across New England. $10 million of Holmes OZ Fund equity is paired with $21 million in long-term HUD-insured debt arranged through Berkadia Commercial Mortgage.

Located at 119 Rantoul St., Phase II complements the existing 67-unit Holmes Beverly property completed in 2018. The new building includes studio, one- and two-bedroom residences with underground parking. Once complete, Holmes Beverly will total 119 units, with 20% designated as workforce housing across both buildings.

“Holmes Beverly Phase II represents the future of resilient, transit-oriented housing on the North Shore – and the Holmes OZ Fund is our commitment to making more projects like it possible,” said Sarah Barnat, founder and president of Barnat Development.

The Architect of Record is ICON Architecture, a Boston-based firm recognized nationally for sustainable urban housing design. The project will be built to Passive House standards as an all-electric, high performance building designed to significantly reduce energy consumption and carbon emissions.

“Barnat Development has consistently demonstrated a commitment to thoughtful urban development by assembling a dynamic team capable of navigating complex challenges,” said Matt Marotta, managing principal + COO of ICON Architecture. “Our collaboration over the years has been built on a shared vision of creating sustainable, transit-oriented housing that enhances both the resident experience and the surrounding neighborhood.”

Construction will be led by NEI General Contracting, general contractor for the original Holmes Beverly development and one of the region’s premier multifamily construction firms.

“This project will create approximately 180 construction jobs while delivering much-needed housing to the North Shore – exactly the kind of impact strong partnerships make possible,” said Josef Rettman, president of NEI General Contracting.

The project will strengthen downtown’s growing live-work community, adding transit-oriented housing steps from restaurants, retail, employment centers, and public transportation.