Revere, MA – The HYM Investment Group; Cathexis Holdings, LP; the City of Revere; Related Fund Management; and Suffolk recently celebrated the official groundbreaking of 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. Portico will join Amaya – the first residential building at Suffolk Downs – as part of the growing mixed-use development in Beachmont Square. With the official groundbreaking, construction on Portico has begun and delivery is anticipated by February 2028.
“We couldn’t be happier to celebrate the groundbreaking of Portico today,” said Thomas N. O’Brien, founding partner and managing director of The HYM Investment Group. “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. Breaking ground on Portico represents that vision in action. We are grateful to Governor Healey, Secretary Augustus, Related Fund Management, and all our project partners who have made this groundbreaking possible, and we’re certain Portico will be a welcome addition to the Beachmont Square community.”
Upon completion, Portico will deliver a mix of studio, one-bedroom, one-bedroom + den, and two-bedroom floorplans, alongside more than 33,000sf of ground-level retail space. Portico will offer a collection of indoor and outdoor amenities, including a 15th-floor sky deck with ocean views, a lounge with a kitchen and terrace overlooking Beachmont Plaza, and a courtyard with flexible lawn areas, fire pits, grills, and landscaped seating. It will also include studios with recording pods, a fitness center, and a veranda featuring a coffee bar and private work pods.
The development is located in close proximity to the Beachmont MBTA Blue Line Station, with access to Downtown Boston and the coast. Connected to a hub of civic spaces, open space, and retail, the 1.7 million sq. ft., mixed-use Beachmont Square serves as a gateway to the larger Suffolk Downs site.
Portico was, in part, made possible through a public-private partnership between HYM, Cathexis, the Commonwealth of Massachusetts and the city of Revere. Governor Maura Healey and Housing and Livable Communities Secretary Ed Augustus helped advance the development of Portico through the Housing Development Incentive Program (HDIP), while Mayor Patrick Keefe and the Revere City Council were key in taking the local action needed to unlock Commonwealth tax incentives. Suffolk is the general contractor for Portico, leading the ground-up construction of the multifamily building.
“We’re proud to bring Portico to life and support the City of Revere as Beachmont Square continues to take shape, providing residents with a connected, amenity-rich home just steps from the Blue Line and all that Boston has to offer,” said Pat Lucey, general manager, Suffolk Northeast. “Suffolk has been deeply engaged in this community for years, and projects like Portico give us the chance to deliver high-quality housing and vibrant public spaces that truly serve local residents. It’s exciting to see the neighborhood grow, and we’re honored to help create a place that will benefit Revere for years to come.”
Related Fund Management, a vertically integrated real estate private equity and credit firm, 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 robust amenities. JLL Capital Market’s Debt Advisory team representing HYM and Cathexis was led by Executive Managing Director Riaz Cassum, Managing Director Andrew Gray and Vice President Robyn King.
Additional Portico project partners include Prellwitz Chilinski Architects (PCA), design architect; WSP Engineers, MEP engineers; GeoEngineers Inc., geotechnical engineer; Beals + Thomas, civil engineer; and Halvorson|Tighe & Bond Studio, landscape architect.
—
“The Suffolk Downs redevelopment is a transformative project for Revere and Greater Boston, and the Healey-Driscoll Administration was proud to award $5 million to help make this project possible,” said Augustus. “Portico and the Suffolk Downs redevelopment will help us get to the 222,000 homes Massachusetts needs to keep up with housing demand, give buyers and renters more choices, and bring down costs.”
“Today’s groundbreaking at Portico reminds us of why both families and businesses invest in Revere. With our scenic coastal geography, convenient access to public transit, and competitive market value, there is clear incentive to plant roots and grow in Revere. Portico will deliver the needed housing, economic activity, and renewed energy to a neighborhood that is central to Revere’s progress,” said Keefe.
“We are pleased to see Portico advancing as a key component of the Suffolk Downs redevelopment,” said William Harrison, CEO of Cathexis. “HYM continues to demonstrate exceptional vision and execution, and their leadership has been instrumental in progressing a project that will bring much-needed housing and lasting community benefits to the region. Portico represents an important milestone in realizing the long-term potential of the site, and we remain committed to supporting the creation of a vibrant, mixed-use community that will serve the region for decades to come.”
“Today’s groundbreaking of Portico represents another step forward for Revere and for the future of Suffolk Downs,” said Senator Lydia Edwards, state senator for the Third Suffolk District. “This project reflects what is possible when the Commonwealth, the City of Revere, and private partners work together to deliver much-needed housing, create jobs, and build neighborhoods accessible to transportation. I want to thank the Healey-Driscoll Administration, the City of Revere and Mayor Keefe, HYM, Cathexis, and all of the public and private partners whose collaboration made this milestone possible. Portico will not only add hundreds of new homes, but also strengthen Beachmont Square as a community that supports local businesses and expands opportunities for residents across our region.”
“Portico showcases the strength of investor appetite for building high-quality housing in the Boston area. The rental market demand has remained steady, as renters seek high-quality, yet affordable homes,” said Cassum. “This project’s strategic location near rapid transit and high-end amenities make it an attractive investment opportunity in today’s market.”
