Saco Island West LLC lands $4M bridge loan for 'micro apartments' project
Courtesy / Newswire.com
GenX Capital Partners LLC, a Miami-based direct lender for commercial real estate transactions, announced Wednesday that one of its investors out of Boston helped close a $4 million bridge loan that enables Saco Island West LLC to complete its redevelopment of Building 3 at the Saco Mill Complex in Saco.
GenX Capital Partners LLC, a Miami-based direct lender for commercial real estate transactions, announced Wednesday that one of its investors out of Boston helped close a $4 million bridge loan to help Saco Island West LLC complete its redevelopment of Building 3 at the Saco Mill Complex in Saco.
Gen X Capital Partners said in a news release it was able to close the loan from site visit to funding in under two weeks. Saco Island West LLC, a development arm of Dirigo Capital Advisors, is wrapping up on the completion of 22 “micro” apartment units above the Run of The Mill Brewery and Brew Pub.
Gen X said developer Kevin Mattson, sponsor of the loan, reached out “to recap their current debt piece in order to pull out some capital to finish up the remaining infrastructure so they could meet their launch date of March 1.”
“We have worked with the sponsor, Kevin Mattson, numerous times and he is someone you would consider an A+, seasoned developer,” Gen X Capital Partners Managing Director Mark McClure stated. “So our investors were very comfortable with not only his track record, which is significant, but the incredible work he has done on past projects and more importantly this project here. Once we all conducted the site visit, we were able to close with our investors in under two weeks.”
Saco Lofts: Geared to millennials
The 22 brand-new apartments at Building 3 in downtown Saco will be on the third and fourth floors of the building, which is home to The Run of the Mill Public House & Brewery.
In an October 2018 news release, Sam Zaitlin, director of development for Saco Lofts, said the units will be “micro-apartments,” each averaging 470 square feet, with rents between $795 and $1,100 a month.
“Research revealed to us that there is a huge market, as yet un-served in this area, for housing that millennials find attractive,” Zaitlin said in the release. “They want small, they want efficient and low impact, they prefer public transportation over buying cars, and they want ‘cool’ places to hang out. This fits the bill perfectly.”
Completion of the Saco Lofts project follows 150 new residential apartments in Saco Mill 4, and 36 units at Saco Island Apartments on Saco Island, formerly known as Building 108.
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