REVERE, MA – Hines, the global real estate company, along with its partners Belfonti Companies, LLC and Bridge Investment Group, announced the start of construction on Revio Revere Beach, a multi-family Class A project comprising 209 Class A apartments.
The Hines project team also announced that it had secured the construction loan with Santander Bank. This is the fifth project the bank has helped finance with Hines.
Revio Revere Beach, located at 646 Ocean Avenue in Revere, MA, will comprise 209 apartments above a commercial component on the first floor. Each apartment will feature high-end finishes and carefully designed floor plans to maximize convenience, comfort, and water views. Over 20,000 square feet of Revio Revere Beach will be dedicated to amenities, including an elevated outdoor courtyard, large swimming pool and rooftop terrace, all overlooking the Atlantic Ocean.
“Highly serviced buildings have become the new norm, and these amenities are key to attracting young workers and empty nesters looking for living spaces that offer true quality of life. Today’s tenants are also looking for common spaces that encourage and promote social living. Revio Revere Beach offers all of this and more,” said David Perry, Hines Senior Managing Director.
“Before, if people could buy, they would never rent. But today we are seeing a greater influx of tenants by choice. We are confident that Revio Revere Beach will be the first choice for many people, and we expect the units to be rented out very quickly,” said Michael Belfonti, CEO and Founder of Belfonti Companies.
“Revio Revere Beach is entering the rental market at the right time, with a lot of work from domestic spaces and a focus on health and wellness. Our building has what it takes to attract residents who want to live, work and play under one roof,” said David Coelho of Bridge Investment Group.
Construction is expected to be completed by the second quarter of 2024, with marketing and pre-leasing efforts expected to begin in late 2023.