Portland-based real estate firm raises $12.7M
Timbercroft Housing LLC has raised $12.74 million for an affordable housing project in Owings Mills, Maryland, according to a Securities and Exchange Commission filing.
Listed on the equity filing is Bryan Shumway, who is president of The Wishcamper Companies Inc. of Portland. Wishcamper in turn is a managing member of the Timbercroft Housing project. Shumway also is director of operations at Wishrock Investment Group, another Portland-based company that was involved in funding the transaction.
Shumway told Mainebiz that Wishcamper buys and renovates low-income, multi-family housing throughout the country using the federal Low-Income Housing Tax Credit.
“We are one of a half dozen companies like us in and around Portland that do the same thing,” he said. Among the other, unrelated companies are The Eagle Point Properties, Silver Street Development Corp., SHP Acquisitions and Housing Initiatives of New England Corp.
Shumway said Wishcamper is based in Portland because its principals like living in Maine. Wishcamper employs 10-15 people in Maine, though it does most of its business, some 95%, outside of the state, he said.
The $12.74 million in equity will go toward developing and managing the 284-apartment complex in Maryland. It is primarily Section 8 housing, which in that state means occupants must not earn more than 60% of the area’s median income, Shumway explained. Enterprise Community Investment Inc., a syndicator of tax credits, also put money into the Timbercroft deal.
Wishrock also invests in and develops affordable projects across the country. Wishrock Chairman Lyndel Wishcamper also is CEO of Wishcamper Properties and an owner of The Wishcamper Group and Preservation Inc., an affiliated company that manages 10,000 of Wishrock’s units in 18 states. Wishrock has acquired or developed more than $220 million worth of affordable housing in 10 states in the past 18 months, according to its website.
Among Wishrock’s investments in Maine are Loring House and North School Apartments in Portland, Applewood in Camden, Academy Green in Bath, Baywood in Yarmouth, Follis Place in Eastport and Quarry RIdge Apartments in Freeport.
Shumway says Wishrock also has joined President Obama’s Better Buildings Challenge to reduce energy use by 20% by 2020. The group committed 8 million square feet across 8,000 multi-family housing units.
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