Barnat Launches Phase II of Mixed-Income Multifamily Near Beverly MBTA Station
Barnat Development launched construction on Holmes Beverly Phase II, adding 52 apartment homes adjacent to the existing development near the Beverly Depot MBTA commuter rail station. The project is financed through the newly launched Holmes Opportunity Zone Fund, focused on investing in new multifamily construction projects across New England. Ten million dollars of Holmes OZ Fund equity is paired with $21 million in long-term HUD-insured debt arranged through Berkadia Commercial
Mortgage.
Located at 119 Rantoul St., Phase II will complement the existing 67-unit Holmes Beverly property completed in 2018, Barnat Development said. The new building includes studio, one- and two-bedroom residences with underground parking. Once complete, Holmes Beverly will total 119 units, with 20% designated as workforce housing.
“Holmes Beverly Phase II represents the future of resilient, transit-oriented housing on the North Shore, and the Holmes OZ Fund is our commitment to making more projects like it possible,” said Sarah Barnat, founder and president of Barnat Development.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout