JLL arranges $67.256 million refinancing for Eliot on Ocean

Revere, MA JLL Capital Markets has arranged a $67.256 million refinancing for Eliot on Ocean, a 194-unit multifamily property. JLL represented the borrower, Invictus Real Estate Partners, in securing the three-year, floating-rate loan through Bridge Investment Group Holdings Inc.

The Eliot on Ocean, located at 660 Ocean Ave., represents a rare opportunity in Boston’s waterfront multifamily market. Built in 2016, the property sits adjacent to the MBTA Wonderland Blue Line station, providing residents access to downtown Boston in approximately 33 minutes. The 143,252 s/f property features ocean views and direct beach access.

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 Capital Market’s 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,” said Aiese. “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.”

Revere Beach has emerged as one of Greater Boston’s most dynamic residential markets over the past decade, attracting over $1 billion in institutional investment. Major developers including Hines, Mill Creek, TA Realty, Redgate and Greystar have delivered more than 2,700 units along the three-mile waterfront corridor since 2015. 

The Boston multifamily market continues to demonstrate exceptional strength, with net absorption exceeding 5,900 units over the past year. Boston’s vacancy rate outperforms the national average by approximately 200 basis points, and multifamily assets accounted for 43.6% of all commercial property sales in 2025, the highest share among major asset classes.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.