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Colliers Arranges $17M Construction Loan for MXU Project in Maine

Colliers International has arranged $17 million in construction financing for a mixed-use development in Portland, ME.

The half-acre development site is located at 75 Chestnut St. in Portland. Upon completion, the property will consist of a mix of 54, one- and two-bedroom condominiums as well as two ground-floor commercial space. The residential units will feature high-end interior finishes, large kitchens and attached balconies with views of downtown Portland and Back Cove. Construction is slated to commence prior to year-end and continue through early 2022.

Jeff Black, Sean Burke and Bryan Koop of Colliers secured the financing on behalf of the borrower, The Procopio Cos. The lender was not disclosed.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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