The HYM Investment Group and its development partners have scored a $150 million construction loan for the Suffolk Downs redevelopment mega-project’s first residential building.
The financing is for Amaya, a 475-unit, 415,000-square-foot apartment complex already underway at the one-time horse racing track in East Boston and Revere. Construction work started on Amaya in May and is expected to wrap up in 2024.
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The loan is from Ullico, a labor-owned insurance and investment company headquartered in Washington, D.C. One of the Suffolk Downs project’s investors is another organization with labor ties: National Real Estate Advisors LLC, a pension fund for union electrical workers, revealed in May that it would invest $775 million in the development’s residential component.
“This project is a win for a great Boston neighborhood, for the creation of family-sustaining, career-building union construction jobs, and for investors who will benefit from the highly-skilled and trained crafts-workers required for a successful Suffolk Downs,” Ullico President and CEO Edward Smith said in a statement.
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