Suffolk Downs’ first residential building has landed a $150 million construction loan.
Washington, D.C.-based Ullico Inc. provided the loan for Amaya, a 475-unit apartment building planned near the MBTA Blue Line Beachmont Station in Revere by development partners The HYM Investment Group, National Real Estate Advisors, and Cathexis Holdings LP.
Construction is underway on both the residential building and a 280,000-square-foot biomanufacturing and life-science facility at 100 Salt St. Both are expected to open in 2024.
National in May said it committed $775 million in equity financing to develop 4,200 housing units at Suffolk Downs, including the 475 units at Amaya. Ullico, which is a union-affiliated life insurance company, will finance the rest of the Amaya project.
The building’s units will range in size from “micro studios” to two-bedroom apartments. Amenities include a pool, fire pits, and outdoor kitchen with grilling station, along with a game room, arcade, fitness center, and yoga room.
Suffolk Downs spans 161 acres in Revere and Boston and has more than 16 million square feet planned, including about 10,000 housing units.