REVERE BEACH, Mass., March 27, 2019 /PRNewswire/ --The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, today announced that it has broken ground on BLVD at Revere Beach, a community of 145 upscale apartments in Revere, Massachusetts.
Located at 320 Revere Beach Boulevard, across from the eponymous Revere Beach on the Atlantic Ocean, BLVD will provide quick access to downtown Boston by T and car, and residents will have water views from almost every apartment. The building will comprise a mix of studio, one- and two-bedroom apartments, 2,500 square feet of ground-floor retail space, 5,800 square feet of amenity space, and two levels of garage parking with 189 spaces.
"We are very excited to be in Revere Beach, where a revitalization of the historic waterfront is now in full swing," J. David Heller, President, Co-Founder and Chief Executive Officer at The NRP Group.
BLVD is scheduled for completion in 2020.
"We are delighted to be a part of the renaissance along Revere Beach, America's oldest public beach," said Carolyn Mendel, Vice President of Development at The NRP Group. "At NRP, we take great care to tailor our developments to the local needs of the community and we are confident that BLVD will be a marquee project anchoring development along the waterfront. Full credit should go to our local and municipal government partners, who began a series of improvements over 10 years ago that are now bearing fruit."
The building's amenity package includes the ability to rent sea kayaks, as well as a courtyard with fire pits, bocce courts, a salt water pool, barbecue grills, a sky lounge, a state-of-the-art fitness center, a cyber lounge, and a pet spa.
The NRP Group is developing BLVD with Capital One, which is providing $35.3 million in construction financing for the project.
"Capital One was pleased to help The NRP Group achieve its goals for BLVD, which promises to be a premier apartment community," said Lisa Greeley, a Senior Vice President with Capital One's Commercial Real Estate team. "NRP is a well-respected client that we've worked with on both market-rate and affordable housing developments throughout the United States. Because Capital One values working with organizations that share our commitment to thoughtful community development, we couldn't be more thrilled that the project has broken ground."
About The NRP Group The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has delivered more than 33,000 apartment homes, and currently manages over 20,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company's formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About Capital One Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $249.8 billion in deposits and $372.5 billion in total assets as of December 31, 2018. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.