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August 24, 2025

Recently completed 45-unit residential complex in Cumberland to be auctioned

A sign is set into grass. Photo / Peter Van Allen A mostly complete 45-unit luxury residential complex in Cumberland was foreclosed on and will be auctioned in September.
By Laurie Schreiber

A recently completed 45-unit luxury residential complex in Cumberland will be auctioned by order of the U.S. Bankruptcy Court for the District of Maine.

The Mark, at 100 U.S. Route 1 in Cumberland, goes on the block Sept. 17 at 11 a.m. 

An aerial photos shows a building with white siding and a lawn and parking lot.
Recently completed 45-unit residential complex in Cumberland to be auctioned
The project started as a condominium development in 2022 but converted to rental apartments in 2024 due to higher interest rates and a slowdown in the residential market.

A deposit of $500,000 to Keenan Auction Co. is required to bid. Other terms will be announced at the sale. 

Developer Mark McClure, managing partner of Miami-based GenX Capital Partners LLC, broke ground on the project as a condominium development in 2022.

In 2024, the project was converted to rental apartments due to higher interest rates and a slowdown in the residential market, McClure told Mainebiz at the time.

The name of the development firm behind the project is the Mark Real Estate Holdings LLC.

According to a Chapter 11 filing earlier this year, the three largest unsecured creditors as of April were owed a total of $14.3 million.

McClure attributed the filing to a third-party accounting error that resulted in a $1.4 million shortfall in the $24.7 million project budget and in turn cascaded into financing problems with the project’s lender. The error was discovered about 10 months into construction.

“At that point in the economy with rates where they were with a project 70% complete, we couldn't find the $1.4 million to plug in and the lender, which was having its own financial issues, said no as well,” he told Mainebiz.

McClure said a proposed deal with the lender was unsuccessful.

McClure signed over the property to the “mezzanine lender” and said that entity put it into bankruptcy.

“We had nothing to do with any bankruptcy. That is between the mezzanine lender and the senior lender,” he added.

The project is 95% complete and worth over $25 million, he said.

The 3.16-acre property consists of a four-story, 45-unit luxury residential complex containing 64,795 square feet, which includes a lower-level parking garage of 12,892 square feet. There are modern finishes and state-of-the-art systems including heat pumps, security and LED automatic lighting. Amenities include a lobby elevator, generator, lower-level storage units, heated garage, bike storage, a common gathering room, parking with 59 spaces plus 20 garage spaces.

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