josh benthein
Post on 19-Aug-2015
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Principals: Rex S. Bell, Joshua A. Benthien
Northland Enterprises. LLC, is a Portland, Maine based real estate development company formed in 2001 to acquire, redevelop, and reposition unique income producing properties.
Northland specializes in:
1. Acquiring and rehabilitating “value-add” urban-infill, income producing office, retail and multifamily properties.
2. Large scale Historic Rehabilitation projects utilizing multiple funding sources.
Public-Private Partnership Success Stories- Baxter Library
Post Card from circa 1910 Post rehabilitation 2010
Baxter Library History
First public library in Portland Built in 1888 Designed by Francis Fassett, one of Portland’s most prolific and
influential architects Operated as Portland’s library until late 1970’s. Listed on the national registry of historic places Owned by the Maine College of Art from 1980 – 2009 Under MECA’s ownership, the building was well preserved but
not upgraded; a time capsule. MECA had shuttered the building as they consolidated into the
Porteous building.
Baxter Library Challenges:
Redevelopment type: What use was most feasible: housing or commercial?
Functionality: How to modernize a building with such unique historic fabric and unique features
Sources/Uses imbalance: As-complete appraised value : $3.1mm vs. total development costs of $4.6mm ($1.5mm gap). Complicating things more is the fact that his deal materialized in 2008/2009 when prospects for lending were dim.
Neighborhood: Once a thriving block of Congress Street, this area had not been a focus of redevelopment in the last 15 years.
Baxter Library Challenges:
Redevelopment type: What use was most feasible: housing or commercial
1. Odd shape2. Limited parking3. Difficult access 4. Neighborhood issues5. Window line issues
Commercial Use
Baxter Library Challenges:
Functionality: How to modernize a building with such unique historic fabric and unique features:
Keys to success:
Team of talented architects
– David Lloyd/ Archetype Architects (exterior/building systems)
– Scott Simons/ Scott Simons Architects (interior fit-out)
Visionary tenant in John Coleman and his team at The VIA Agency.
Baxter Library – Functionality Highlights: All new building systems (electric/HVAC/plumbing/IT
Infrastructure)
Historic replica windows/ or rebuilt wooden windows where originals existed
50% re-pointing
New ADA compliant rear entrance
Addition of a 3 floor elevator
Creation of a new floor (3rd floor) in the rear stack building
Added a mezzanine connecting third floors of the front and rear building
Complete fit-up for Via
Baxter Library - Functionality
Baxter Library - Functionality
Baxter Library - Functionality
Baxter Library - Functionality
Baxter Library - Functionality
Baxter Library - Functionality
Baxter Library - Functionality
Baxter Library - Functionality
KEYS TO SUCCESS:
Financing partners who excel at creative problem solving:
Bangor Savings Bank
Coastal Enterprises
City of Portland
Maine Rural Development Authority
Tax Credit Capital
Baxter Library – Sources/Uses Imbalance
Baxter Library – Creative Partnerships
Baxter Library – Capital Stack
Source Amount Private/ Public
Bangor/CEI debt (NMTC)
$2.4mm Public & Private
MRDA Debt $438,000 Public
Bangor TIF Loan $184,000 Public & Private
Infrastructure Grant $25,000 Public
Developer Contribution
$325,000 Private
State Historic Equity $630,000 Public & Private
Federal Historic Equity
$500,000 Public & Private
Seller Financing $100,000 Private
$4,602,000
Baxter Library: Neighborhood – Challenge to Opportunity
PRIOR to Baxter’s completion, within a 2 block radius, the following projects were
Underway/or pending:
Justin Alfond/Greg Shinburg’s renovation of the former USM dorm into market rate apartments.
Baxter Library: Neighborhood – Challenge to OpportunityAFTER Baxter’s completion, within a 2 block radius:
Justin Alfond/Greg Shinburg’s renovation of the former USM dorms (100% leased)
Eastland Park Hotel historic rehabilitation (underway)
State Theater renovation (complete and thriving)
Cleaning up of the vacant lot next to Gino’s (complete)
Sale and pending renovation of the Lafayette apartment building (underway)
Coffee By Design’s renovation and expansion across from Baxter. (complete)
Four new restaurants have relocated to Longfellow square (complete)
Keys to Success:Complex Developments are successful when there is a team mentality
between the developer,Lenders, investors, municipalities, construction professionals and
tenants.
These projects require unique levels of collective problem solving and understanding of each
other’s perspective
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