The Procopio Companies Will Use Loan Proceeds to Construct 54 Luxury Residential Units in One of America’s “Best Places to Live”
BOSTON, MA, NOVEMBER 17, 2020 – Leading global commercial real estate services firm Colliers International Group Inc. announces it has arranged $17 million in construction financing for a mixed-use development in Portland, Maine. The Colliers team of Executive Vice President Jeff Black and Assistant Vice Presidents Sean Burke and Bryan Koop, was selected by The Procopio Companies to exclusively source funds for the project, which upon completion will boast 54 residential units, 2 ground floor commercial units, and several distinct amenity spaces – a rarity among other properties in the market.
The half-acre development site is located at 75 Chestnut Street in Portland, Maine, which was named one of U.S. News & World Report’s “Best Places to Live” in America last year. Upon completion, the property will consist of a mix of luxury one- and two-bedroom condominiums and ground-floor commercial space. The residential units will feature best-in-class interior finishes, sprawling kitchens and attached balconies that offer striking views of downtown Portland and Back Cove. Construction is expected to commence prior to year-end and continue through early 2022.
“Over the last 70 years, the Procopio Companies has built a reputation for developing some of the most distinctive residential communities across New England,” Black said. “The residential sector has been a bright spot in the commercial real estate industry despite the headwinds posed by Covid-19. Additionally, Portland has been a major beneficiary of recent ‘urban flight’, being one of the few locations that offers more space without having to sacrifice any of the amenities that drew residents to city living in the first place”
75 Chestnut Street is located just blocks from many of downtown Portland’s top amenities including the historic district, the Portland Museum of Art and several restaurants that have made the city an award-winning culinary destination. Furthermore, both Whole Foods and Trader Joe’s are located within walking distance of the property. As a result, the property is strategically positioned to attract residents, creating an ideal development opportunity.
Portland is Maine’s economic capital and over the last decade, the city’s downtown district has undergone a rezoning plan to encourage retail redevelopment, which has given rise to a number of new eateries, bars and boutiques. Additionally, the city has also become a business hub in the region and is home to the headquarters of financial and technology firms such as KeyBank, Wex, Tilson Technology, Putney, Sage Data Security and many more.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.
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