Maine

USM, Capstone Development Break Ground on $100 Million Residence Hall, Career Center

by Katie Sloan May 24, 2021

Portland, Maine — A public-private partnership between the University of Southern Maine (USM) and Capstone Development Partners has broken ground on a $100 million development on the university’s campus in Portland. The project will include a three-story, 42,000-square-foot career and student success center, a 580-bed residence hall and a one-acre residential quad. The new residence hall will offer a mix of affordable units for occupancy by undergraduate, graduate and Maine Law students. The $26.6 million Career & Student Success Center will be funded in part with $19 million in state …

May 24, 2021

Finance Maine News

Tremont Mortgage Provides $18.1 Million Refinancing for 576-Bed Community Near the University of Maine

by Katie Sloan December 23, 2019

Orono, Maine — Tremont Mortgage Trust has provided an $18.1 million refinancing for Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. The community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an …

December 23, 2019

Development Maine News

Capstone Development, University of Southern Maine Announce Residence Hall and Student Center Project

by Katie Sloan December 18, 2019

Portland, Maine — A public-private partnership between Capstone Development Partners and the University of Maine System has announced the development of a 577-bed residence hall and student center on the University of Southern Maine’s (USM) Campus in Portland. The proposed 209,000-square-foot community will offer apartment-style units alongside academic support space. The partnership hopes to break ground on the project in spring 2020, with Capstone providing financing for the student housing component and the university providing financing for the student center. The design/build team for the community includes architectural and engineering …

December 18, 2019