JLL Arranges Acquisition Loan for Suburban Maine Apartments
JLL Capital Markets announced today that it has secured $13.55 million acquisition financing for Carrier Woods, an 84-unit Class A multifamily property in Scarborough, ME. Managing director Henry Schaffer, directors Mike Shepard and Madeline Joyce and associate Hunter Cuthbertson worked on behalf of the borrower, Chestnut Realty Management, in arranging a seven-year, fixed-rate loan through Fannie Mae. The loan will be serviced by JLL Real Estate Capital, LLC.
Carrier Woods Apartments sits six miles south of Portland, Maine’s largest employment hub. Built in 2018, it comprises seven three-story residential buildings featuring 80 market-rate and four affordable units.
“Scarborough is one of the fastest growing submarkets in Maine, and will continue to show sustained tenant demand given current housing shortages in the region,” said Schaffer. “Carrier Woods Apartments represents a compelling long-term investment strategy for Chestnut, which is continuing to expand its multifamily presence in the Greater Portland market.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout