JLL facilitates $96.8m multifamily construction financing for Eastern Real Estate and Kane Company

Portsmouth, NH JLL Capital Markets has arranged $96.8 million in construction financing for Prescott Post, a 360-unit class A multifamily development.

JLL represented the borrowers, Eastern Real Estate and The Kane Company, in securing a construction loan through Truist Bank.

Set on 26 acres, this 100% market-rate project will feature over 2.7 acres of green and community space, an amenity offering and a diverse unit mix spread across a collection of three- and four-story buildings. Resident amenities include multiple clubrooms, co-working spaces, an indoor/outdoor fitness suite with yoga studio, outdoor kitchens, fire pits, a dog run with pet wash station and private single-car garages. Units will feature premium finishes including quartz countertops, stainless steel Energy Star appliances, in-unit washers and dryers, and natural light through Juliet balconies and oversized windows.

Construction began in October 2025, with first unit delivery anticipated for December 2026 and project completion scheduled for late 2027. 

“Following nearly two years of planning, Eastern and the Kane Companies are proud to introduce Prescott Post - a dynamic new residential and community hub that will transform a vacant former retail site and deliver much-needed housing to Portsmouth.” said Toby Banta of Eastern Real Estate. “We could not have achieved this milestone without the partnership of the city and the dedication of our team of consultants and partners.”

JLL Capital Market’s debt advisory team representing the borrower was led by senior managing director Brett Paulsrud, managing director Andrew Gray, along with vice president Hugh Doherty.

Prescott Post is positioned to capture the Seacoast region’s surging demand leveraging the growing population, strong local economy and proximity to major employers. The project is proximate to Pease International Tradeport, which houses over 250 companies employing more than 10,500 people across five million s/f of office, industrial and R&D space. The community is also near retail amenities including Whole Foods, Trader Joe’s and Market Basket, and provides access to I-95 and Rte-4.

Population has grown over 8% since 2010, driven by New Hampshire’s lack of state income tax and the area’s high quality of life. The city earned recognition as the top-ranked place to live for young professionals in New Hampshire and benefits from an average household income of $153,000. Despite strong demand, Portsmouth has seen limited new multifamily development with just 460 units delivered since 2014, positioning Prescott Post to capitalize on severe supply constraints.

“Portsmouth’s exceptional fundamentals including strong population growth, limited supply and high barriers to entry create an ideal environment for this premium multifamily development,” said Paulsrud. “The financing market recognized these compelling dynamics, and we were able to secure highly competitive terms that position the project for success.”

“We’re grateful for the opportunity to support Eastern Real Estate and The Kane Company, as they continue to invest in New England communities,” said Rebecca Cox, senior vice president and market manager at Truist National Real Estate. “Led by Gordon Clough, our team provided construction financing to support high-quality housing in Portsmouth and further the region’s long-term growth.”