Maine

Cinemark to Open 12-Screen Theater Near Portland, Maine

by Taylor Williams May 17, 2019

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 Properties Group, features more than 1 million square feet of commercial and residential space, as well as a beer and food hall, grocery store, medical and wellness campus and an 8,200-seat concert venue. A general contractor for the project has not yet been selected.

May 17, 2019

Development Maine Multifamily Northeast

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

by Taylor Williams May 13, 2019

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 and incentives for developers who deliver affordable housing within economically distressed neighborhoods.

May 13, 2019

Loans Maine Massachusetts Multifamily New Hampshire Northeast Seniors Housing

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

by Taylor Williams May 2, 2019

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 Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.

May 2, 2019

Affordable Housing Development Maine Multifamily Northeast Seniors Housing

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

by Taylor Williams April 24, 2019

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 Nation’s first LIHTC development. All units will be restricted to households that earn up to 50 and 60 percent of the area median income. The two-story development will also include a lobby with a common area as well as a community kitchen, community room and laundry rooms.

April 24, 2019

Acquisitions Hospitality Maine Northeast

AAM 15 Acquires Embassy Suites Hotel in Portland, Maine

by David Cohen April 1, 2019

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 disclosed.

April 1, 2019

Industrial Maine Market Reports Northeast Northeast Market Reports

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

by David Cohen January 30, 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 industrial market. Here is what I thought as I hummed along to the hits: The Times They Are a-Changin’ Bob Dylan said it simply, and the statistics in our market suggest the same. The nearly eight-year run of a clear landlord’s market has finally shown indicators (albeit slight) that the pendulum is swinging the other way. While the year-end numbers are not yet complete, I am predicting vacancy rates will increase 200 to 300 basis points from our historically low 2017 rate of 1.25 percent. Let’s say, conservatively, our market increases to 3 percent overall vacancy. That is still what I would call a landlord’s market. However, what concerns me is that our added industrial …

January 30, 2019

Acquisitions Development Hospitality Maine Northeast

HFF Brokers Sale of Hotel Development Site in Portland, Maine

by David Cohen December 21, 2018

PORTLAND, MAINE — HFF has brokered the sale of a hotel development site at the former Rufus Deering Lumber Co. in Portland. The sales price was not disclosed. The planned six-story, 112,439-square-foot, Aloft-branded hotel will feature 155 rooms as well as restaurants, meeting space and a fitness center. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous restaurants, art galleries and retail shops. The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Reger Dasco Properties, in the transaction. The buyer and developer was Norwich Partners.

December 21, 2018

Acquisitions Maine New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of Two-Building Office Complex in New Jersey

by David Cohen December 19, 2018

HAMILTON, N.J. — Cushman & Wakefield has brokered the sale of Ibis Plaza, a two-building office complex in Hamilton. The price was not disclosed. Located at 3525-2525 Quakerbridge Road, the 119,000-square-foot property is currently 88 percent occupied by approximately 75 tenants. The building also features a 6,700-square-foot event venue available for rent to both tenants and off-site organizations. Cushman & Wakefield’s New Jersey capital markets team represented the seller, a private ownership entity, in the transaction. The buyer was IBIS Realty LLC.

December 19, 2018

Loans Maine Multifamily Northeast Seniors Housing

PGIM Provides $9.9M HUD Financing Package for Retirement Campus in Maine

by David Cohen December 10, 2018

FALMOUTH, MAINE — PGIM Real Estate Finance has originated a financing package totaling $9.9 million for OceanView at Falmouth, an 80-acre seniors housing campus in the Portland suburb of Falmouth. Sea Coast Management Co. owns the property, which features 42 custom-designed homes, 57 cottages, 118 independent living apartments and a 30-bed memory care facility. The financing includes two HUD healthcare loans and each is for a different property on the campus. A $4.4 million loan will be used for the construction of a two-story expansion to the assisted living portion of the campus, as well as renovations to the existing common areas. A $5.5 million loan will refinance the memory care portion of the campus, extending the loan term and converting from a floating rate to a fixed rate. The memory care wing was built in 2014 and has maintained 100 percent occupancy with a waiting list since its construction.

December 10, 2018

Acquisitions Maine Northeast Retail

Marcus & Millichap Negotiates $6.4M Sale of Retail Center in Maine

by David Cohen October 17, 2018

STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25 years.

October 17, 2018

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