PORTLAND, MAINE — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $23 million permanent loan for Danforth Heights, a 166-unit mixed-income community located in between Portland’s historic and waterfront districts. According to Apartments.com, the property was built in 1973 and features one-, two-, three- and four-bedroom units. Tim O’Donnell and Derek Coulombe of Fantini & Gorga placed the debt through Eastern Mortgage Capital on behalf of the undisclosed borrower.
SOUTH PORTLAND, MAINE — The RAM Cos., an investment firm based in Maine, has acquired a three-building, 74,000-square-foot office complex in South Portland. Jessica Estes and Drew Sigfridson of Boulos Co. represented the seller, an entity doing business as 341 Park LLC, in the transaction. Howard Goldenfarb, Todd Goldenfarb and Mark Campbell internally represented RAM Cos., which acquired the asset through its affiliate, Mile Market Investments. The new ownership plans to implement a value-add program and rebrand the complex as Atlantic Place Commerce Center. The property was fully leased at the time of sale.
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.
PORTLAND, MAINE — Apple Hospitality REIT (NYSE: APL) has acquired the 157-room Aloft Hotel in downtown Portland for $51.2 million, or approximately $326,000 per key. The newly built, waterfront property features a fitness center, meeting space and multiple food and beverage options. The seller was not disclosed. Following the acquisition, the portfolio of Virginia-based Apple Hospitality consists of 215 hotels totaling about 28,000 rooms across 35 states.
PORTLAND, MAINE — Apple Hospitality REIT Inc. (NYSE: APLE) has acquired the 178-room AC Hotel by Marriott in Portland for $66.8 million, or roughly $375,000 per room. The property, which opened in summer 2018, is located within the city’s historic district near its cruise ship terminals. Amenities include a fitness center and two food and beverage concepts. The seller was not disclosed. Following this acquisition, the Apple Hospitality portfolio now includes 213 hotels with approximately 27,800 guest rooms across 35 states.
MAINE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has brokered the sale of an unnamed continuing care retirement community (CCRC) in central Maine. The site of the 121,677-square-foot property spans an entire city block, totaling 3.6 acres. The occupancy rate has consistently been over 90 percent, according to the brokers. The sales price was $10.2 million, but details on the buyer and seller were not disclosed. The lead agent for this transaction was Jim Knapp.
PORTLAND, MAINE — Davis Medical Investors LLC, an affiliate of Minneapolis-based investment firm Davis, has acquired a 107,228-square-foot medical office building in Portland’s Bayside District. InterMed, Maine’s largest private medical practice, anchors the 10-story building, which was fully leased at the time of sale. Joe Massa of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
WATERVILLE, MAINE — General contractor Consigli Construction Co. has completed the Harold Alfond Athletics and Recreation Center, a 350,000-square-foot facility at Colby College, a private liberal arts college in Waterville, Maine. The facility features a 200-meter track, tennis courts, an ice arena, Olympic-sized pool, competition gym for basketball and volleyball, squash courts, a strength and fitness center, multi-purpose studios, locker rooms, sports medicine facilities and offices. Sasaki and Hopkins Architects led the design of the project.
MAINE — Marcus & Millichap has negotiated the sale of the JMC Self-Storage Portfolio, which consists of four properties totaling 793 units in southern Maine. Three of the four properties in the portfolio, which spans 92,275 net rentable square feet, are located within 20 miles of Portland. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and sales price were not disclosed. James Koury of Marcus & Millichap assisted in closing the deal as the broker of record.
PORTLAND, MAINE — Stan Johnson Co. has brokered the $11.8 million sale of an 80,683-square-foot office building in Portland. The three-story property was originally built on 18.3 acres in 1974 and was leased to a single tenant, Consolidated Communications, at the time of sale. Chris Adams and Jim Gibson of Stan Johnson Co. represented the seller, Vermont-based developer Pizzagalli Properties, in the transaction. Josh Soley of Maine Realty Advisors represented the buyer, an undisclosed investor based in California.