A Cumberland Foreside condo development secures financing

COURTESY / GENX CAPITAL PARTNERS LLC The Mark at Cumberland Foreside will have 45 high-end condos.

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Mark McClure, a Miami developer who grew up in Cape Elizabeth, has closed on a $24 million loan for the ongoing construction of his high-end, 45-unit condominium complex, the Mark, in Cumberland Foreside.

McClure is part of a development team with Shinberg Consulting, Jeff Pollack, Paula Rodriguez Wallem and DeStefano & Associates.

The project, which is 40% completed, has so far been financed by internal equity and bridge financing from Titan Funding in Boca Raton, Fla. The construction loan was arranged by Daniel Eidson of Concord Summit in partnership with Builders Capital, McClure said.

But the key funding was to come through the so-called C-PACE program, which is administered by the state of Maine. C-PACE is short for Commercial Property Assessed Clean Energy. The financing tool was created by the Legislature — which in effect categorizes clean energy upgrades as a public benefit — and allows developers a longer payback time. It is administered by Efficiency Maine.

"It's been a long time coming, but the project looks fantastic, is ahead of schedule, we now have C-PACE financing in motion and we are on track to receive our certificate of occupancy by June 2024. We will also be the first commercial real estate project to close on C-PACE financing for the state of Maine."

The sales effort for Mark units is being led by Tom Landry and Benchmark Real Estate.

McClure leads Miami-based GenX Capital Partners, which is set to close on $155 million in financing on various projects.

In Portland, GenX is seeking approval for a development of 60 townhomes, Presumpscot Woods, which has estimated to cost $18 million. In Austin, Texas, the firm is gearing up for an $80 million apartment-and-retail development.