July 10, 2017
HFF secured $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, MA. The site comprises 108.8 acres in Boston and 52.4 acres in Revere, and is adjacent to Route 1A.
Working on behalf of the Boston-based borrower and buyer, The HYM Investment Group, LLC, HFF placed the short-term, floating-rate loan with Bank of the Ozarks. Additionally, HFF acted as an advisor to the buyer in the transaction.
The developer plans to transform the underutilized property into a mixed-use development with office, hotels, street-front retail, restaurants, housing, and open space.
HFF’s John Fowler, Anthony Cutone, Jennifer Keller and Andrew Gray handled the transactions. “We are thrilled to be involved in the capitalization of one of the largest and most exciting mixed-use projects in East Boston and Revere,” said Fowler.
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