Second Multifamily Building Breaks Ground at Suffolk Downs

The HYM Investment Group, Cathexis Holdings, LP, the City of Revere, Related Fund Management and Suffolk broke ground on Portico, the second multifamily building at Suffolk Downs. The 473-unit project marks continued momentum for the 161-acre Suffolk Downs redevelopment, which is expected to deliver 10,000 homes across Revere and East Boston. A 2028 completion date is expected for Portico.

“Our focus at Suffolk Downs has always been to deliver thousands of new homes and create a truly mixed-use neighborhood and destination to meet the moment for Greater Boston,” said Thomas N. O’Brien, founding partner and managing director of HYM. “Breaking ground on Portico represents that vision in action.” 

Related Fund Management provided $226 million in senior construction financing for Portico through its Related Real Estate Debt Fund IV. The construction loan will support the development of Portico and its amenities.

JLL Capital Markets’ Debt Advisory team representing HYM and Cathexis was led by executive managing director Riaz Cassum, managing director Andrew Gray and VP Robyn King.

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