PORTLAND, MAINE — A partnership between Capstone Development Partners and the University of Maine System will develop a 577-bed residence hall and student center on the University of Southern Maine’s (USM) campus in Portland. The proposed 209,000-square-foot community will offer apartment-style units alongside academic support space. The partnership hopes to break ground on the project in spring 2020, with Capstone providing financing for the student housing component and the university providing financing for the student center. The design-build team for the community includes architectural and engineering firm SMRT Architects and Engineers, architectural firm Elkus Manfredi Architects and general contractor PC Construction. Capstone Management Partners, the management subsidiary of Capstone Development, is the proposed maintenance and operations provider for the community upon completion.
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 undisclosed price. Toby Siefert and Bradley Clousing of SLIB handled the transaction.
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 housing community. The buyer, Port Properties, plans to upgrade the property to increase the overall unit count to 206 residences. Simon Butler and Biria St. John of CBRE, along with Dan Greenstein of The Boulos Company, represented the seller, Blue Vista. The CBRE team worked with Joe Porta of Porta & Co. to procure Port Properties as the buyer.
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 2021.
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 1988.
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.
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.
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.
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.
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.