Barnat Development has started construction on the second phase of its Holmes Beverly multifamily community, advancing a mixed-income, transit-oriented project adjacent to the Beverly Depot MBTA commuter rail station. The new phase will introduce 52 additional apartment homes next to the existing Holmes Beverly building, which opened in 2018.
The expansion is being capitalized through the recently formed Holmes Opportunity Zone Fund, which is dedicated to investing in new multifamily development across New England. For this phase of Holmes Beverly, the fund is providing $10 million in equity. That capital is being complemented by $21 million in long-term, HUD-insured debt arranged by Berkadia Commercial Mortgage.
Holmes Beverly Phase II is rising at 119 Rantoul St., immediately adjacent to the first phase of the community. The original property comprises 67 apartments delivered in 2018, and the second building will bring the total count for the combined development to 119 units once it is complete.
The new building will feature a mix of studio, one-bedroom, and two-bedroom residences. Plans also call for underground parking to serve residents of the expansion, reinforcing the project’s focus on both convenience and transit access near the commuter rail station.
Across both phases, Holmes Beverly will reserve 20% of its total apartments as workforce housing. This commitment to mixed-income housing is intended to provide additional options for renters on the North Shore while maintaining proximity to rail service connecting into the broader region.
Sara Barnat, founder and president of Barnat Development, described the second phase as an example of resilient, transit-oriented housing on the North Shore. She added that the Holmes Opportunity Zone Fund is structured to support additional projects that share similar characteristics elsewhere in New England.
The combination of opportunity zone equity and HUD-insured debt underscores the role of public and private capital programs in advancing multifamily development near transit. As work proceeds on Phase II, Holmes Beverly is positioned to remain a notable mixed-income residential option close to the Beverly Depot MBTA station.
