Starting in the Summer of 2020, Maine Street Capital partnered with the principals of Fore Points Marina on Portland’s Eastern Waterfront to refinance the property. The marina is located in the heart of an area of explosive growth. Current developments underway include new headquarters for Sun Life Financial, Wex and Covetrus as well as the master-planned Portland Foreside development. With 10+ acres of developable land and 1,000 linear feet of direct waterfront on Casco Bay, Portland Foreside will revitalize a former historic industrial site into an active, environmentally conscious, mixed-use community. Fore Points Marina sets the tone for the rest of the Portland Foreside project with a commitment to the highest level of quality and unparalleled customer service.
With the global pandemic raging as Maine Street Capital began working with the developers, the team had the challenge of getting lenders to embrace a hospitality business with a high level of direct person-to-person interaction at a time of social distancing and mandated shut-downs. After analyzing the business and working to understand its impressive resiliency in the face of the public-safety and economic headwinds, MSC created a detailed financing proposal describing the successes of the marina to-date, the strong momentum as the property was increasingly ‘discovered’ and the favorable national market trends in the marina and yachting industries. MSC shopped the deal to a combination of local and regional banks and found a lending partner who understood the business’ potential and offered a compelling financing solution.
Maine Street Capital immensely enjoyed working with the Fore Points team and appreciated the opportunity to assist with the financing of this incredible property. We are looking forward to working with the group on other aspects of the Portland Foreside development.
