Maine Street Capital worked with a local developer to finance the rehabilitation of these two historic buildings in the quaint town of Hallowell, ME. The Stevens and Erskine buildings are part of the former Maine Industrial School for Girls campus near Augusta. In 2019, the ongoing development of this historic campus was honored by Maine Preservation as an outstanding example of historic preservation and revitalization. After working with the developer to prepare financing for two other historic buildings on the property (The Admin and Baker Buildings), MSC created a financing structure that utilized long-term bank financing, historic tax credit equity and bridge loans for the tax credit equity. Upon completion, the Erskine and Stevens buildings will provide 47 and 38 student housing beds respectively for the University of Maine Augusta.
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