REBusinessOnline

SLIB Negotiates Sale of 130-Unit Granite Hill Estates in Hallowell, Maine

HALLOWELL, MAINE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, a continuing care retirement community in Hallowell, a southern suburb of Augusta. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000 and assisted living was added in 2006. MaineGeneral Health sold the property to a regional owner-operator for an …

CBRE Brokers $20.8M Sale of Bayside Village Apartment Community in Portland, Maine

PORTLAND, MAINE — CBRE has brokered the $20.8 million sale of Bayside Village, a 101-unit apartment community in Portland, located approximately 60 miles south of Augusta. Located at 32 Marginal Way, Bayside Village comprises a five-story residential building with 3,300 square feet of ground-floor retail space. Amenities include bike storage, a resident lounge, business center with print station, laundry facility, outdoor space and a billiards room. The property previously served as a student …

Koucar Management Breaks Ground on 102-Room Cambria Hotel in Portland, Maine

PORTLAND, MAINE — Koucar Management, a Michigan-based developer, has broken ground on a 102-room hotel in Portland, a city about 55 miles north of Augusta. The property is a Cambria-brand hotel from Choice Hotels International, a Maryland-based international hotel franchisor. Amenities include an indoor-outdoor rooftop bar, 2,000 square feet of event space, fitness center and a restaurant and bar. The hotel is slated to open in

Cardente Negotiates Sale of 24,150 SF Retail Center in Portland, Maine

PORTLAND, MAINE — Cardente Real Estate has negotiated the sale of Brighton Avenue Plaza, a 24,150-square-foot retail center located at 1041 Brighton Ave. in Portland, for approximately $3 million. Greg Perry of Cardente represented the buyer, All-American Family LLC, in the transaction. Charles Day of Porta & Co. represented the seller, 1041 Brighton Ave. LLC. The property was built in

Cinemark to Open 12-Screen Theater Near Portland, Maine

WESTBROOK, MAINE — Cinemark Holdings Inc., a publicly traded owner-operator of movie theaters, will open a 12-screen venue within the Rock Row mixed-use development in Westbrook, Maine, a western suburb of Portland. The theater, which will be built from the ground up, is scheduled to open in spring 2021. All auditoriums will feature oversized recliners with footrests and cup holders, as well as wall-to-wall screens and enhanced sound systems. Rock Row, a 100-acre development by Waterstone …

URS Acquires Opportunity Zone Land in Portland, Maine for 256-Unit Apartment Project

PORTLAND, MAINE — Huntington, New York-based URS Capital Partners has acquired seven acres within a qualified opportunity zone in Portland, Maine, for the development of a 256-unit multifamily project. Local lender Bar Harbor Bank provided an undisclosed amount of construction financing for the project, the groundbreaking of which is slated to occur this month. Following stabilization of the property, URS plans to hold the asset for 10 years. Opportunity zone legislation provides tax breaks …

HFF Provides Financing for 565-Unit Seniors Housing Portfolio in New England

MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in …

Hunt Capital Provides $2.1M Tax Credit Financing for Affordable Housing Project in Maine

INDIAN ISLAND, MAINE— Hunt Capital Partners has provided $2.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Penobscot Elder Homes. The community will be located on Indian Island within the Penobscot Nation Reservation, approximately 12 miles northeast of Bangor. The development will provide 24 affordable housing apartments for seniors. Penobscot Elder Homes is Hunt Capital Partners’ 11th LIHTC investment in Indian Country and Penobscot …

AAM 15 Acquires Embassy Suites Hotel in Portland, Maine

PORTLAND, MAINE — AAM 15 Management has acquired the Embassy Suites of Portland, Maine, a 119-room hotel in Portland. The price was undisclosed. Located nearby the Portland Jetport, the hotel includes a full-service restaurant and lobby bar, as well as 2,000 square feet of meeting and event space. The hotel’s lobby was recently renovated. AAM 15 plans to further improve the remaining public space, guest rooms, exterior, pool and fitness. The seller was not

Why Southern Maine’s Industrial Market is Headed for Rockier 2019

My mind wandered recently on a long drive, as it often does. I had the music going and, in typical Maine fashion, cell phone coverage was spotty.  It was nice to effortlessly jump from thoughts of the upcoming holiday season with my young kids, to my 20-year high school reunion and old friends, to the promise of another long playoff run by my beloved Patriots.  But as I passed commercial buildings and warehouses, my attention drifted to the bricks and mortar of the metro Portland …

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