PORTLAND, ME, September 18, 2023 /24-7PressRelease/ — Miami-based developer Mark McClure has secured a $24 million construction loan for his luxury condominium development, “The Mark,” in Cumberland Foreside, Maine. McClure, along with his development team, has made significant progress on the project, completing almost 40% of the construction using internal equity and bridge lender financing from Titan Funding. 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 working diligently on The Mark while awaiting cPace financing approval within the State of Maine. To move the project forward, they decided to utilize their own resources and bridge debt provided by Titan Funding, which has been essential during the challenging cPace process.
Mark McClure commented, “It has been a long journey, but the project is looking fantastic, ahead of schedule, cPace financing is 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 is also the leader of GenX Capital Partners, a respected commercial real estate debt and equity capital advisory firm. GenX Capital Partners consistently closes financing deals ranging from $150 million to $200 million annually for various development and acquisition projects. The firm remains busy, with approximately $155 million set to close in October for various clients.
McClure sees a growing focus on the development sector, with The Mark being one of their flagship projects, along with other significant developments such as 60 townhomes in the approval process in Portland, Maine, and an $80 million apartment and retail development in downtown Austin, Texas, nearing the design phase.
The demand for housing within the developer community is pressing, and McClure believes that The Mark offers a unique opportunity for those seeking housing in one of the best communities in the State, as well as 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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