The development team has self-funded to 40% completion as they awaited cPace confirmation for construction loan takeout
PORTLAND, ME, September 18, 2023 /24-7PressRelease/ — Miami-based developer Mark McClure completed the successful closing of a $24 million construction loan for his high-end, 45-unit condominium development, “The Mark,” located in Maine’s wealthiest zip code, Cumberland Foreside, Maine. McClure, along with his dedicated development team led by Shinberg Consulting, Jeff Pollack, Paula Rodriguez Wallem and Destefano Associates, have demonstrated remarkable progress by already completing nearly 40% of the project using internal equity and bridge lender financing from Titan Funding, out of Boca Raton, FL. The construction takeout was arranged by Daniel Eidson of Concord Summit in partnership with Builders Capital.
Over the past six months, McClure and his team have been diligently working on The Mark while awaiting cPace financing approval within the State of Maine. Recognizing the importance of moving forward with construction, they decided to utilize their own resources and bridge debt provided by Titan Funding, which has been instrumental throughout the challenging cPace process.
Mark McClure stated, “It’s been a long time coming, but the project looks fantastic, is ahead of schedule, we now have cPace financing in motion and we are on track to receive our Certificate of Occupancy by June 2024. We will also be the first commercial real estate project to close on cPace financing for the State of Maine.”
In addition to his role as the developer of The Mark, McClure also leads GenX Capital Partners, a prominent commercial real estate debt and equity capital advisory firm that consistently closes financing deals ranging from $150 million to $200 million annually for various development and acquisition projects, including those led by other top-tier sponsors.
With a staggering $155 million set to close in October alone for various clients, GenX Capital Partners is showing no signs of slowing down. McClure emphasizes a growing focus on the development sector, highlighting The Mark as one of their flagship projects, along with other significant developments such as 60 townhomes undergoing the approval process in Portland, Maine, and an $80 million apartment and retail development in downtown Austin, Texas, nearing the design phase.
McClure acknowledges the pressing demand for housing within the developer community and believes that The Mark not only offers a unique opportunity for those looking for housing in one of the best communities in the State, but also for Maine vacationers. The high-end condominium units can serve as ideal vacation accommodations during the summer months and then be rented out on a weekly or monthly basis to cater to the burgeoning corporate rental market in Greater Portland.
“One-bedroom units at The Mark have the potential to generate as much as $40,000 or more in Net Operating Income (NOI) annually and over $50,000 for the 2 bedroom- 2 bath units. Depending on the unit the buyer chooses, that equates to an impressive 9-10+% cash on cash return, well above current market conditions and a great way to generate income, build equity and have an amazing condo during the pricey, summer months in Maine,” McClure explained.
He further emphasized the investment appeal of these units, offering a cost-effective alternative for summer vacationers seeking luxury accommodations while also providing a means to cover expenses and generate a profit by leasing to corporations during the offseason. The Mark’s prime location, just 5 miles from downtown Portland, 2 miles from major shopping areas, and 2 miles from major highways, makes it an attractive and convenient choice for both vacationers and corporate tenants. Additionally, it boasts access to Maine’s top-rated school system, setting it apart from other high-end housing options in Southern Maine.
Mark McClure and his team are excited about the continued progress of The Mark and remain committed to delivering a superior high-end living experience to residents and vacationers in Cumberland Foreside, Maine.
Sales of The Mark units are being led by Tom Landry and Benchmark Real Estate and can be seen at www.TheMarkCumberland.com
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