Eastern, Kane Land $97M for New Hampshire Development
The project is scheduled for completion in 2027.
Eastern Real Estate and The Kane Co. have secured a $96.8 million construction loan for Prescott Post, a 360-unit market-rate development in Portsmouth, N.H. Truist Bank issued the note in a deal arranged by JLL Capital Markets.
The joint venture broke ground on the development last month and expects to deliver the first units by December 2026. Project completion is slated for late 2027.
JLL Capital Markets Senior Managing Director Brett Paulsrud, Managing Director Andrew Gray and Vice President Hugh Doherty led the Debt Advisory team that worked on behalf of the partnership.
A Portsmouth market rate community
Rising on a 26-acre site, Prescott Post will feature 17 buildings of three and four stories when complete, with a unit mix comprising studios and one- to three-bedroom apartments. Amenities are to include coworking spaces, clubrooms, a fitness center, a yoga studio, outdoor kitchens, dog run with pet wash and private single-car garages, as well as more than 2 acres of green space.
The development is at 100 Durgin Lane, close to Pease International Airport, Interstate 95 and U.S. Route 4, as well as several retail options including Walmart, Whole Food Market and Best Buy. The city center is roughly 4 miles away.
Since 2014, Portsmouth has seen only 460 multifamily units delivered, despite increased demand. The city has witnessed a population growth of more than 8 percent since 2010, according to JLL data.
There were more than 140,200 units underway across the Northeast at the end of October, Yardi Matrix data shows. Out of the major markets, only New York City made it in the top 10 markets for multifamily construction earlier this year, alongside several metros from the Sun Belt.
