Invictus Obtains $67M Refi for Boston Community
The loan retires the acquisition financing.
Invictus Real Estate Partners has secured a $67.3 million refinancing loan for Eliot on Ocean, a 194-unit community in Revere Beach, Mass. Bridge Investment Group Holdings Inc. issued the three-year, floating-rate note, in a transaction brokered by JLL Capital Markets.
Invictus acquired Eliot on Ocean from Westbrook Partners in 2021 for $84.3 million, using a $61 million acquisition loan originated by JLL. That debt will be retired through the current recapitalization.
Boston’s advertised asking rent registered a 0.2 percent uptick on a trailing three-month basis through April—the first increase since August 2025—to $2,876, according to a recent Yardi Matrix report. However, the metro’s occupancy in stabilized properties dropped 80 basis points year-over-year through March, to 95.6 percent, slightly higher than the national figure of 94.5 percent.
A market-rate asset on the beach
The 143,252-square-foot community came online in 2016 at 660 Ocean Ave., comprising two buildings rising four and five stories. The property features 139 one-bedroom, 51 two-bedroom and four three-bedroom apartments ranging from 598 to 1,524 square feet, according to Yardi Matrix.
The ownership plans to use the refinancing loan to conduct a renovation program over a period of 33 months. Upgrades will target common areas, namely the lobby, fitness center, amenity spaces and terrace—as well as unit interior across all residences.
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Eliot on Ocean is across the street from Revere Beach, America’s first public beach. The community is adjacent to the MBTA Wonderland Blue Line station, providing direct access to downtown Boston, about 7 miles southwest. Boston Logan International Airport is approximately 4.5 miles away.
JLL Capital Markets Senior Managing Directors Scott Aiese and Tom Sullivan, together with Director Alex Staikos, let the debt advisory team securing the refinancing for Elion on Ocean.
