Jones Street Investment Partners, a private equity real estate firm focused on multifamily assets located throughout the Northeast and mid-Atlantic regions of the U.S., has secured $179 million in construction financing to develop multifamily communities in Kittery and Brunswick, Maine, as well as Manchester, N.H.
Jones Street secured a $70 million loan from Key Bank as well as a $7.9 million preferred equity investment from a major investment manager to develop Seacoast Residences, a 282-unit multifamily community located in Kittery. Bangor Savings Bank provided Jones Street with a $36 million loan to develop a 181-unit multifamily community in Brunswick. Berkshire Bank supplied Jones Street with a $65.1 million loan to develop a 250-unit multifamily community in downtown Manchester. The loans work to allow Jones Street to expand its portfolio in secondary markets across the Northeast that are supply constrained and have demonstrated strong rental growth.
“Our ability to secure these loans at attractive terms is a testament to the strength of our relationships, the quality of our business plans and our established track record,” states Matt Frazier, founder and CEO of Jones Street Investment Partners. “Each of these projects aligns with our emphasis on long-term, cash-flowing investment strategies that have the potential to deliver attractive risk-adjusted returns.
Colliers International arranged the construction loans on Jones Street’s Brunswick and Manchester projects and the preferred equity investment on the Kittery project.