A Boston developer has landed $179 million in financing for three luxury multifamily developments: two in Maine and one in New Hampshire.
Private equity real estate firm Jones Street Investment Partners secured a $70 million loan from Key Bank as well as a $7.9 million preferred equity investment from a major investment manager to develop Seacoast Residences, a 282-unit multifamily community located at 76 Dennett Road in Kittery, Maine.
Jones Street also secured a $65.1 million loan from Berkshire Bank to develop a 250-unit multifamily community in downtown Manchester.
Lastly, Bangor Savings Bank provided Jones Street with a $36 million loan to develop an amenity-rich, 181-unit multifamily community in Brunswick.
The five-building Kittery, which is situated along Interstate 95 and immediately across the border from Portsmouth, will feature luxury unit finishes, a resort-style swimming pool, fitness center, dog park, sun deck, and on-site nature trails.
Located at 75 Canal Street within a Qualified Opportunity Zone, Jones Street’s Manchester project will consist of studio, one-, two- and three-bedroom apartments and approximately 2,000 square feet of ground-floor retail space. It will also feature an array of amenities including a clubhouse with a full-service kitchen and game room, fitness center, business center and two outdoor courtyards.
“We appreciate the support of our financing partners,” Jones Street founder and CEO Matt Frazier said in a statement. “Our ability to secure these loans at attractive terms is a testament to the strength of our relationships, the quality of our business plans and our established track record. Each of these projects aligns with our emphasis on long-term, cash flowing investment strategies that have the potential to deliver attractive risk-adjusted returns. We look forward to ingraining ourselves within each of these communities and delivering exceptional living experiences to our future residents.”
Colliers International arranged the construction loans on Jones Street’s Brunswick and Manchester projects and the preferred equity investment on the Kittery project.
