Image courtesy of Stephen Kelm.

A mixed-use project in downtown Portsmouth received a big boost courtesy of Eastern Bank. 

The 71,000-square-foot mixed-use condominium development on the northern end of the city’s downtown recently received a $20 million construction loan from the bank. 

Portsmouth-based developer Stephen Kelm plans to open the building at 46-64 Maplewood Ave. in 2020. It will include more than 16,000 square feet of ground level retail/office space with 22 luxury residential condominiums above.  

A customer of Eastern Bank and previously Centrix Bank & Trust since 1999 – Centrix merged with Eastern in 2014 – Kelm focuses on residential and commercial real estate projects along the Seacoast. The 20-year banking relationship has provided dozens of financing transactions to Stephen Kelm for redevelopment projects in the downtown Portsmouth area, the bank said. 

“Eastern’s expertise and support of our community are second to none” Kelm said in a statement. “In addition to the team’s local knowledge of the market, they understand the full range of real estate needs which has allowed us to secure many transactions through the years from acquiring new real estate and refinancing properties to starting new construction.”  

Senior Vice President Stephen Witt led a Portsmouth-based commercial real estate team on this financing.