Gen X Capital Partners Secures $24m In Funding For Portland, Maine Project

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Gen X Capital Partners Secures $24m In Funding For Portland, Maine Project

A major construction project that looks to capitalize on Maine’s popular rental market has gained the green light on new funding. Confirmation of the news shows that the project will receive a total of $24m.

Gen X Capital Partners was handed a two-year deal. It is a senior mezzanine construction financing agreement from Builders Capital. This will allow the real estate debt and equity firm to go ahead with plans for a 45-unit condo development just outside Forest City. The condominium is known as The Mark.

The funding was successfully secured under the Commercial Property Assessed Clean Energy program. The federal plan, which has been accepted by the State of Maine, allows developers to gain favorable borrowing terms. This is exclusive to environmentally-friendly developments. 

Situated in Cumberland Foreside, just north of Portland, the five-story building will boast a range of two and three-bed units. The project actually started over a year ago using an initial round of funding. As well as appealing to renters, it is expected to become a great hit with affluent homeowners looking for holiday homes. After all, Maine is an immensely popular part of the country for short breaks.

It has been suggested that the units could appeal to owners who wish to use them throughout the summer before renting out for the rest of the year. 

The news will be positively received throughout the region. Not least because we are living at a time when some concerns have been raised. Earlier this year, it was confirmed that the Pine Street State’s builders are closing in on retirement. However, significant projects like the 45-unit building bring positivity to the table.

After breaking ground in 2022 and offering early investors a chance to purchase units for as little as $449k, popularity has soared. The units offer affordable luxury with great prospects for creating additional income sources.

Construction companies have benefited greatly from tools like BuildOps CRM in recent times. By streamlining the sales funnel, developers are able to focus on supporting everyone involved. Crucially, it enables homeowners to focus solely on the prospect of moving into their new properties. So, they are positioned to begin their next chapters in style. 

Gen X Capital Partners has previously raised $500 million in projects nationwide. The $24m funding to bump up the initial round of just under $10m ensures that all 45 units will be delivered to the very highest standards. The firm’s Mark McClure knows the region well having grown up in Maine. The Mark condo building will be the jewel in the area’s real estate crown.

Elsewhere, local stories such as the recent lumber theft case in Kingfield will serve as a reminder for building teams to protect assets. As well as creating safer and greener homes, the project is set to deliver exciting investment opportunities. It has already brought huge positivity to the area.

As the State’s first green energy C-PACE deal, it is truly a monumental moment for Maine. For prospective buyers and residents in the surrounding area. If it develops according to plan, it could open the door to further developments too.

This article was written by Rangeley News Hound