Bloomfield Capital, a direct lender and equity investor in commercial real estate nationwide, announced the closing of a $4 million mezzanine construction loan on a condominium development in Portland (Maine) burgeoning Munjoy Hill neighborhood. The completed four-story property will feature 45 units over a below grade garage, according to a press release.

The developer secured a first lien construction loan from a regional bank but needed subordinate financing to complete the project’s capital stack. The sponsors are experienced regional developers actively building in the local area and able to capitalize on the property's location in an area of high expected future growth with increased demand for housing.

The project, according to the release, is located on the East End of the Portland peninsula and within walking distance of retail, workforce, and entertainment demand drivers including several of the area's hottest restaurants and craft breweries, as well as offices accommodating the region's expanding tech industry. The property is also located directly off I-295, which provides quick access to the greater Portland area.

Renee Lewis, a principal at Bloomfield with 30 years of diligence and asset management experience – led the transaction team.

"Employment growth, demographic shifts, and limited existing supply have led to historic demand in the Portland housing market," Lewis said in the release. "The developer has forty years of experience and an unparalleled reputation with engineers, architects, and municipal employees statewide. It was an opportunity in a market we know well, and we are excited to be involved.”

Loan proceeds will facilitate initial site work and construction costs. The developer has met pre-sale requirements, and significant additional sales are expected prior to project completion in August 2022.