$13M investment will fund over two dozen solar-home builds in Wiscasset, with more to come
Courtesy / Renewabuilt
Renewabuilt, a Brunswick construction firm, plans to build as many as 49 single-family solar-powered homes in a Wiscasset subdivision.
A $12.7 million development of 27 single-family houses is expected to break ground soon in Wiscasset and deliver solar-powered spec homes to the market later this year.
“We envision not just new homeowners, but cash-buying investors and second-home owners from New York, Boston, D.C., etc., continuing to push up this way as well to enjoy an amazing quality of life in the summertime, while vacationing in the warmer spots in the winter,” Mark McClure, managing partner of GenX Capital Partners, told Mainebiz.
He added, “We also see families moving here as jobs on the mid-coast grows while enjoying the availability to quality schools and a quality of life year-round that can't be found in a vast majority of locations in New England that aren't premium priced.”
Renewabuilt LLC, based in Brunswick, approached GenX in early February to secure funding for the acquisition and build-out of Clark’s Point, a waterfront, 63-lot, 200-acre subdivision in Wiscasset.
Renewabuilt bought 49 lots for development, and its development entity and purchaser, RHI-Clark’s Point LLC, holds an option to buy the remaining 14 lots. RHI-Clark’s Point successfully closed the $12.7 million acquisition loan and construction line with an investor, Titan Funding in Boca Raton, Fla., designed to initially help fund the project. Gen-X Capital brokered the transaction.
Renewabuilt specializes in LEED and Passivhaus-inspired builds. GenX, based in Portland and Miami, is one of the largest private lending and equity originators and investors in New England.
"Renewabuilt's market is now the global community of investors, vacationers and modern work-from-home professionals seeking the quality of life with which Maine has become synonymous,” the company described itself in a statement. “We cater to that community by incorporating energy-efficient, durable and cost-of-ownership reducing features that smart and sophisticated building owners demand.”
Renewabuilt homes are designed to be "turnkey green" for net-zero living when solar photovoltaic systems are added to the homes.
“We look forward to providing midcoast Maine with our high demand product and want to thank Gen-X Capital, Titan Funding, and our sellers and new friends at Clark’s Point Development LLC for their cooperation in making this transaction possible,” the statement continued.
The timeline for construction includes submitting three building permits to the town early next week, said McClure.
The project should create “immense financial upside” for the developer and investor, said McClure, who added, “we jumped at the chance to underwrite, fund it and get him in the ground ready for summer. “
Much of the Clark’s Point subdivision already has infrastructure in place “and is ripe to be taken to the next level; all it needed was a builder with vision and the dollars behind them to make it happen,” he noted.
The first 27 lots are fully improved and ready for construction in a Phase 1 plan. The 22 lots require approximately $800,000 for infrastructure improvements in order to make them shovel-ready, said McClure. Renewabuilt is coordinating that effort in a Phase 2 plan for launch in 2023.
McClure said the partners see plenty of opportunity in the area, due to growing shortage of housings, rising prices and affordability being pushed north and up the midcoast.
“While we won't see homes prices or profit margins for homes on the midcoast like you will in see in southern Maine, the demand up there is getting stronger and stronger,” said McClure. “And GenX Capital Partners and their investors are taking notice and looking to deploy as much as $50 million in this region in the coming 12 to 18 months.”
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