Working with a Portland landlord and developer with a large portfolio of multifamily assets, Maine Street Capital created a refinancing solution for this historic downtown property. The Lafayette was originally a 250-room luxury hotel built in 1903 by James Cunningham, a survivor of the Irish famine who came to Portland at the age of 24 and rose to prominence reconstructing the fire-ravaged city. The hotel is said to have been named in honor of the famed French general who stayed at an earlier hotel on the site.
Today, The Lafayette sits on Congress street and has 101 apartment units, 70% of which are affordable. In addition to apartments, the Lafayette also has several commercial spaces on Congress Street.
Working with a regional lender, MSC secured a 10-year fixed rate under 2.5% with 10 years of interest only. The new debt structure also recapitalized the borrower to help preserve this asset for the next 100 years of its historic life.
