The HYM Investment Group has closed on $80 million in acquisition financing for a transit oriented development site located in East Boston and Revere, Massachusetts. The 162.1 acre site is currently the home of the Suffolk Downs horse racing facility, which will have its last racing season in 2018. The site comprises 108.8 acres in Boston and 52.4 acres in Revere. It’s lies adjacent to Route 1A and is served by two MBTA Blue Line stations, Suffolk Downs and Beachmont. Holliday Fenoglio Fowler sourced the funding, a short-term, floating-rate loan, with Bank of the Ozarks and acted as an advisor to the buyer in the transaction.
“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 executive managing director John Fowler, HFF. “HYM is undoubtedly the right team for the project, and to work with the local communities to bring much needed transit-oriented housing, retail, amenities and businesses to the area.”
