Portland Condo Project Headed to Completion with $4M Mezzanine Loan

Bloomfield Capital has closed a $4.0 million mezzanine construction loan on a condominium development in the Munjoy Hill neighborhood of Portland, ME. The four-story property will feature 45 units over a below-grade garage.

The developer secured a first lien construction loan from a regional bank but needed subordinate financing to complete the project’s capital stack. According to Bloomfield the sponsors are experienced regional developers actively building in the local area and able to capitalize on the property’s location in an area of high expected future growth with increased demand for housing.

The project is located on the East End of the Portland peninsula and within walking distance of retail, workforce and entertainment demand drivers including restaurants and craft breweries as well as offices accommodating the region’s expanding tech industry. The property is also located directly off I-295 for access to the greater Portland area.

Renee Lewis, a principal at Bloomfield, led the transaction team.