JLL facilitates $13.55 million acquisition loan for 84-unit Carrier Woods

Scarborough, ME JLL Capital Markets has secured $13.55 million acquisition financing for Carrier Woods, an 84-unit Class A multifamily property.

JLL worked on behalf of the borrower, Chestnut Realty Management, in arranging the seven-year, fixed-rate loan through Fannie Mae. The loan will be serviced by JLL Real Estate Capital, LLC.

Carrier Woods Apartments, is six miles south of Portland, the state’s largest employment hub. The property offers access to I-295, I-95 and Rte. 1, providing connectivity throughout Maine and neighboring states. The immediate area features retail, dining and entertainment options, including The Maine Mall and Scarborough Gallery.

Carrier Woods Apartments, built in 2018, comprises seven three-story residential buildings featuring 80 market-rate and four affordable units. The modern apartment community offers a mix of one- and two-bedroom floor plans with contemporary finishes, stainless steel appliances and vinyl flooring. Resident’s amenities include on-site parking, garden plots, an enclosed dog park and rentable storage units.

JLL Capital Markets’ debt advisory team was led by managing director Henry Schaffer, director Mike Shepard, director Madeline Joyce and associate Hunter Cuthbertson.

“Scarborough is one of the fastest growing submarkets in Maine, and will continue to show sustained tenant demand given current housing shortages in the region,” said Schaffer. “Carrier Woods Apartments represents a compelling long-term investment strategy for Chestnut, which is continuing to expand its multifamily presence in the Greater Portland market.”