May 13, 2019
Huntington, NY-based URS Capital Partners acquired more than seven acres of land in a Qualified Opportunity Zone where it plans to build Latitude at South Portland, a 256-unit multifamily project in South Portland, ME. URS was able to utilize a combination of private equity sourced through URS’ private network of high net worth investors, combined with a construction loan from Bar Harbor Bank.
URS Capital Partners’ Christopher Urso says, “The South Portland market is severely underserved with the occupancy rate hovering around 95%.” He says, URS plans to hold the asset for 10 years to maximize the OZ benefits.
The developer plans to break ground this month and reach stabilization in 36 months. The project will include high quality finishes, attractive floor plans and amenities comparable to properties in Portland’s city center at an attractive price point.
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