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Maine

Affordable HousingDevelopmentMaineNews

CVS Health Invests $8.4M for Winter Landing Affordable Housing Development in Portland, Maine

by Jeff Shaw

PORTLAND, Maine — CVS Health (NYSE: CVS) has made an $8.4 million investment with Community Housing of Maine (CHOM), the Portland Housing Authority and Boston Financial that will lead to the construction of 52 affordable housing units for older adults in Portland. The new four-story building, called Winter Landing, is part of the historic redevelopment of the former Northern Light Mercy Hospital’s State Street building and parking lots in the West End neighborhood of Portland. When complete, the 3.5-acre campus will have commercial retail space and over 250 mixed-rate apartments …

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AcquisitionsCCRCMaineNews

Knapp Group Brokers $10.2M Sale of CCRC Community in Maine

by Jeff Shaw

MAINE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has arranged the sale of continuing care retirement community (CCRC) in Central Maine. The 121,677-square-foot community spans an entire city block, totaling 3.6 acres. Occupancies have consistently been over 90 percent, according to the brokers. The price was $10.2 million. Details on the buyer and seller were not disclosed. The lead agent for this transaction was Jim Knapp.

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AcquisitionsMaineNews

Blueprint Brokers Sale of 57-Unit Community in Maine

by Jeff Shaw

PORTLAND, Maine — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 57-unit assisted living community and 41-unit memory care community in the Portland metro area. The properties were developed in 1996 and 1997, respectively. A REIT sold the assets to a Massachusetts-based owner-operator. The price was not disclosed.

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Assisted LivingDevelopmentFinanceMaineNews

Cushman & Wakefield Arranges Construction Financing for HarborChase of South Portland in Maine

by Jeff Shaw

SOUTH PORTLAND, Maine — Cushman & Wakefield Senior Housing Capital Markets has arranged the equity and financing for construction of HarborChase of South Portland. Confluent Senior Living, a subsidiary of Denver-based real estate investment firm Confluent Development, will develop and own the property. Harbor Retirement Associates is the co-developer for the project and will operate the community upon completion. The property will feature 123 units of assisted living and memory care. Construction is slated for completion in summer 2021. M&T Bank provided an undisclosed amount of construction financing. A private …

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Affordable HousingDevelopmentInvestmentMaineNews

Boston Capital Invests in 61-Unit Affordable Community in Maine

by Jeff Shaw

WESTBROOK, Maine — Boston Capital has invested in the development of Robert L. Harnois Apartments, a 61-unit affordable housing development for seniors in Westbrook, a suburb of Portland. The general partner is Westbrook Development Corp., based in Westbrook. Robert L. Harnois Apartments will serve seniors ages 62 or older earning 60 percent or less of the area median income (AMI). The five-story property is located near public transportation, a retail center and supportive services. Robert L. Harnois Apartments is Phase II of the adjacent Larabee Village, a 150-unit seniors housing …

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AcquisitionsCCRCMaineNews

SLIB Negotiates Sale of 130-Unit Granite Hill Estates in Maine

by Jeff Shaw

HALLOWELL, Maine — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, an entry-fee continuing care retirement community (CCRC) located in the Central Maine city of Hallowell. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. 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, with assisted living added in 2006. There is also room for further expansion on the 43-acre site. The buyer assumed …

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