JLL Arranges $97M Financing for Portsmouth Multifamily

JLL Capital Markets arranged $96.8 million in construction financing for Prescott Post, a 360-unit Class A multifamily development in Portsmouth, NH. Senior managing director Brett Paulsrud, managing director Andrew Gray and VP Hugh Doherty represented Eastern Real Estate and The Kane Company in securing a construction loan through Truist Bank.

Set on 26 acres, the 100% market-rate project is proximate to Pease International Tradeport, which houses 250-plus companies employing more than 10,500 people across five million square feet of office, industrial and R&D space.

Despite strong demand, Portsmouth has seen limited new multifamily development, positioning Prescott Post to capitalize on severe supply constraints. Construction began in October 2025, with first unit delivery anticipated for December 2026.

“Portsmouth’s exceptional fundamentals including strong population growth, limited supply and high barriers to entry create an ideal environment for this premium multifamily development,” said Paulsrud. “The financing market recognized these compelling dynamics, and we were able to secure highly competitive terms that position the project for success.”

Inside The Story

JLL's Paulsrud

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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