Josh Benthein

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.


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


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

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

Josh Benthien – [email protected]

207-780-0223

mailto:[email protected]

Josh Benthein

Documents

Transcript of Josh Benthein