South Portland, ME Cushman & Wakefield Senior Housing Capital Markets advised project owner and co-developer Confluent Senior Living on the equity and construction financing for the to-be-built assisted living and memory care property HarborChase of South Portland. Co-developer Harbor Retirement Associates will manage the community. Cushman & Wakefield advised Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, to place the construction loan with M&T Bank and joint venture equity with a leading private equity investor.
HarborChase of South Portland will be a 123-unit community located nearby the largest mall in the state of Maine and only a short ride from Old Port Portland.
The community is expected to be completed in summer 2021 and will feature an impressive collection of amenities as well as an extensive array of activities typical of HarborChase communities.
“We are incredibly appreciative of Cushman & Wakefield’s expert counsel that has made possible capital that is aligned with and invests alongside Confluent’s financial resources,” said Marshall Burton, president and CEO of Confluent Development. “We are proud to partner with the team to achieve our goals as we expand our footprint in New England with our latest HarborChase project.”
The Cushman & Wakefield team involved in the transaction included vice chairman Richard Swartz, executive managing director Jay Wagner, director Tim Hosmer and associate Sam Dylag.
“We are proud to collaborate with Confluent Senior Living on this exciting project. Portland is an incredible market and this community will fill a much-needed gap,” said Jay Wagner, executive managing director at Cushman & Wakefield.