In May 2016, CREW Boston’s Sarah Barnat attended a MassDevelopment Showcase of the city of Beverly, Massachusetts, drawing her interest in Rantoul Street, an area due for revitalization.
Barnat quickly began working on a proposal for the Rantoul Street project in July 2016. As President of Barnat Development LLC, a full-service real estate development and brokerage company, she was able to leverage her CREW connections and pulled together a team of architects and engineers to assist.
The project would become what is now Holmes Beverly, a $21 million (USD), 67-unit mixed-use multifamily development. Barnat and her team were able to execute the deal and bring it to closing within 10 months of designation by the Massachusetts Bay Transit Authority (MBTA), as the development was sited in front of the Beverly Depot Train Station.
Throughout the project, Barnat sought out several CREW members, some of whom she had previously worked with. The project required a strong team of thoughtful and invested partners in many disciplines of commercial real estate. In all, 17 CREW members served in crucial team roles, and 25 additional women provided skills and expertise to the project team.
“By utilizing a diverse network within CREW, I was able to bring the best and brightest to apply their expertise and skills,” Barnat said. “Harnessing this power and giving women the voice and standing they deserve yields exemplary results. Plus, it’s a lot of fun to work with a team of peers who you value and enjoy.”
The project was financed through Massachusetts Housing Investment Corporation’s Healthy Neighborhoods Equity Fund, MassHousing’s Workforce Development Program, MassDevelopment’s Loan Guaranty and Boston Private Bank.
“Access to capital is critical for any new real estate venture, and even more so for someone with a limited balance sheet,” Barnat said. “I am grateful to my capital partners for believing in my vision and recognizing that members of our team had long and successful track records of execution to warrant the investment.”
Construction of Holmes Beverly was completed in 2018 and 75 percent of all soft costs were paid directly to Women Business Enterprise (WBE) firms, the crowning achievement of the project. Barnat’s project cultivated and strengthened connections between CREW members, creating future opportunities for success for all parties involved.
A rendering of the Holmes Beverly development, completed in 2018.
Barnat and fellow CREW members involved in the project were acknowledged with CREW Boston’s Networking and CREW Network’s Member-to-Member Business Impact awards in 2018.
Current (2019) CREW members involved in this project:
Lyell Fracas is a director with CLA, which provides opportunities in Wealth Advisory, Outsourcing, Audit, Tax and Consulting. With more than 20 years of experience in public accounting, Fracas provides specialized services in Real Estate. She is a member of the 2019 CREW Network Communications and Editorial Committee and is a member of the Seattle CREW MarCom Committee.
Have you been involved in a great deal or collaboration between CREW members?
View more member-to-member business success stories in our Newsroom.