Image courtesy of The Kane Company
Portsmouth’s latest multifamily development now has the construction financing it needs to break ground.
North Carolina-based Truist Bank loaned $96.8 million to a joint venture of Boston-based Eastern Real Estate and Portsmouth-based The Kane Company to build their latest project: Prescott Post.
The 100 percent market-rate project at 100 Durgin Lane in Portsmouth will top out at 360 apartments in 3- and 4-story buildings set on 26 acres, including 2.7 acres of outdoor community space.
The location is a former Bed Bath & Beyond-anchored retail property off of Woodbury Avenue near the Newington town line. Residents will be a short drive to the sprawling Pease Tradeport business park, the Portsmouth Naval Shipyard, the University of New Hampshire and a number of hospitals.
Commercial brokerage JLL, which represented the developers in securing the financing, said the site was also “within a five-minute walk” of Whole Foods, Trader Joe’s and Market Basket grocery stores.
On-site amenities will include several clubrooms and coworking spaces, an “indoor/outdoor” fitness center, outdoor kitchens, fire pits, a dog run and pet wash station, and private, single-car garages. Units will come with in-unit washers and driers, and Juliet balconies.
“Following nearly two years of planning, Eastern and the Kane Companies are proud to introduce Prescott Post – a dynamic new residential and community hub that will transform a vacant former retail site and deliver much-needed housing to Portsmouth.” Toby Banta of Eastern Real Estate said in a statement provided by JLL. “We could not have achieved this milestone without the partnership of the city and the dedication of our team of consultants and partners.”
The development will be a major injection of new supply in a market that’s only seen 460 new apartments delivered in the last 11 years, JLL said.
“Portsmouth’s exceptional fundamentals including strong population growth, limited supply and high barriers to entry create an ideal environment for this premium multifamily development,” JLL Managing Director Brett Paulsrud, who led the team representing the developers, said in a statement. “The financing market recognized these compelling dynamics, and we were able to secure highly competitive terms that position the project for success.”
