NeighborWorks Capital purchased a $2,500,000 participation in an acquisition loan with Coastal Enterprises, Incorporated (CEI) in April. This loan will assist Brown Tower, LLC with the repayment of outstanding debt related to the purchase of a 14-story office tower, two attached, low-rise commercial buildings, and a 340-space parking garage in downtown Portland, Maine. The two low-rise buildings are expected to include 30 affordable rental workforce housing apartments ranging in size from approximately 500 to 1200 square feet. The parking garage will be demolished and will become 240 market rate apartments and 60 market rate condos over a newly constructed 537-space parking garage. The developers plan to develop the remaining space to include a boutique hotel, amenities such as retail, fitness, and gallery space. Brown Tower will also execute an Employment and Training Agreement (ETAG) which links low-income works with job opportunities in CEI-financed projects.
Many areas are experiencing housing shortages right now, but few are as challenged