Boston Mixed-Use Development Lands $80M Financing
The borrower and new owner of Suffolk Downs plans to redevelop the horse racing facility into a mixed-use project including office, retail, housing and open space.
By Mihaela Coste
Suffolk Downs Aerial View
HFF secured a $80 million acquisition financing and advised The HYM Investment Group LLC in the purchase of Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Mass.
Suffolk Down is situated just four miles from Boston’s downtown commercial core, adjacent to two stops on the MBTA’s Blue Line and to Route 1A, allowing quick access to downtown Boston and Logan International Airport. The site comprises 108.8 acres in Boston and 52.4 acres in Revere and is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in the summer of 2018.
Executive Managing Director John Fowler, Managing Director Anthony Cutone, Director Jennifer Keller and Associate Andrew Gray led the HFF team in placing the short-term floating-rate loan with Bank of the Ozarks.
New Jobs, Office, Retail, Housing Spaces
HYM’s vision for the facility is to transform the land into a highly resilient mixed-use development with office, retail, housing and open space, and to reconnect the site, which has been separated from the community for decades, to the adjacent neighborhoods. The project will also include hotels, street retail and restaurants. Consisting of multiple phases, the development will commence with street-level retail and housing.
“In our dozens of preliminary meetings with elected officials and local community stakeholders in Revere and East Boston recently, we consistently heard that local residents want retail, restaurants and new job opportunities. This development will provide all, while also setting aside a significant amount of the site for open space and providing better connections to the neighborhood,” said Thomas O’Brien, founding partner & managing director of HYM Investment Group, in a prepared statement.
Boston-based HYM Investment Group is a real estate company focusing on the acquisition, development and management of complex mixed-use projects, including Bulfinch Crossing, the $1.5 billion six-building development that is replacing the Government Center Garage, and NorthPoint/Twenty|20. The firm is currently leading the development of more than nine million square feet of mixed-use projects in Greater Boston.
Image courtesy of HYM Investment Group
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