Property Details
Asset Profile
Opportunistic

Daymark - Portland, ME

Portland, ME

For Sale - Residential Property
The Procopio Companies Lynnfield, MA
The Procopio Companies
  • IRR 18%
  • Equity Multiple 1.37x
  • Hold Period 2Y
  • Minimum Investment 25K
  • Year 1 Cash on Cash N/A
  • Stabilized Cash on Cash N/A
  • First Distribution Jan 2022
  • Distribution Frequency Quarterly
  • Asset Profile Opportunistic
  • Loan-to-Value 80%
  • Current Occupancy 0%

About this Property

Michael Procopio, Procopio Companies: "Daymark – Portland is the ground up development of 54 luxury residential condos and ground-level retail in Bon Appetit’s 2018 Restaurant City of the Year."

Address

75 Chestnut St.
Square Footage 58,407 sq. ft.
# of Units 54 Residential Condos
& 2 Commercial Units
Total Project Cost $22,290,000

Top Questions

All answers are provided by the sponsor, Procopio Companies, or its representatives.

 

How has COVID-19 impacted your business plan?

Michael Procopio, Procopio Companies: "COVID-19 risks related to this project are primarily focused on supply-chain and labor availability. While there have been significant impacts on the capital markets, the construction lender has remained consistent to their term sheet, and the Procopio Companies does not see increased risk related to debt terms. In terms of supply chain and labor, the construction timing of this project is such that most supply chain issues can be mitigated. Appliances, flooring, cabinetry, countertops and light fixtures are the primary areas of risk, and timing is such that products will be specified that have local availability and are not reliant on international supply chain sources. For further contingency, the hard cost budget has been increased by $150,000 to account for increased compliance costs, hand-washing stations, signage, and safety protocols related to COVID-19."

 

Why are you buying the Property?

Michael Procopio, Procopio Companies: "This property presents a unique opportunity to participate in Portland's growing condo market, in a location uniquely positioned for success. Located two blocks from the iconic Press Hotel, this site is less than a 3-minute walk to Whole Foods, Trader Joes, Walgreens and Planet Fitness, and is less than a 5-minute walk to the downtown and Old Port."

 

What is your investment strategy/business plan for the Property?

Michael Procopio, Procopio Companies: "Ground up development of 54 residential luxe condo units and 2 commercial ground-level retail condo units. The business plan calls for a 15-month construction period, with an overlapping 9-month pre-sale period, and a 12-month sellout period following the certificate of occupancy. Distributions will be made to investors quarterly throughout the sellout period."

 

What are the 3 most important aspects of this investment opportunity for the investors?

Michael Procopio, Procopio Companies:

  1. "Superior Walkability: WalkScore of 97 is advantageous when compared to the competition"
  2. "Amenity Driven Lifestyle: Best-in-Class amenity programming, superior to the competing condo projects."
  3. "Compelling Buyer Value: Attractive mid-market pricing for top-of-market finishes and amenities"

NOTE: All answers provided by the sponsor, Procopio Companies, or its representatives.

About this Property

Michael Procopio, Procopio Companies: "Daymark – Portland is the ground up development of 54 luxury residential condos and ground-level retail in Bon Appetit’s 2018 Restaurant City of the Year."

Address

75 Chestnut St.
Square Footage 58,407 sq. ft.
# of Units 54 Residential Condos
& 2 Commercial Units
Total Project Cost $22,290,000

Top Questions

All answers are provided by the sponsor, Procopio Companies, or its representatives.

 

How has COVID-19 impacted your business plan?

Michael Procopio, Procopio Companies: "COVID-19 risks related to this project are primarily focused on supply-chain and labor availability. While there have been significant impacts on the capital markets, the construction lender has remained consistent to their term sheet, and the Procopio Companies does not see increased risk related to debt terms. In terms of supply chain and labor, the construction timing of this project is such that most supply chain issues can be mitigated. Appliances, flooring, cabinetry, countertops and light fixtures are the primary areas of risk, and timing is such that products will be specified that have local availability and are not reliant on international supply chain sources. For further contingency, the hard cost budget has been increased by $150,000 to account for increased compliance costs, hand-washing stations, signage, and safety protocols related to COVID-19."

 

Why are you buying the Property?

Michael Procopio, Procopio Companies: "This property presents a unique opportunity to participate in Portland's growing condo market, in a location uniquely positioned for success. Located two blocks from the iconic Press Hotel, this site is less than a 3-minute walk to Whole Foods, Trader Joes, Walgreens and Planet Fitness, and is less than a 5-minute walk to the downtown and Old Port."

 

What is your investment strategy/business plan for the Property?

Michael Procopio, Procopio Companies: "Ground up development of 54 residential luxe condo units and 2 commercial ground-level retail condo units. The business plan calls for a 15-month construction period, with an overlapping 9-month pre-sale period, and a 12-month sellout period following the certificate of occupancy. Distributions will be made to investors quarterly throughout the sellout period."

 

What are the 3 most important aspects of this investment opportunity for the investors?

Michael Procopio, Procopio Companies:

  1. "Superior Walkability: WalkScore of 97 is advantageous when compared to the competition"
  2. "Amenity Driven Lifestyle: Best-in-Class amenity programming, superior to the competing condo projects."
  3. "Compelling Buyer Value: Attractive mid-market pricing for top-of-market finishes and amenities"

NOTE: All answers provided by the sponsor, Procopio Companies, or its representatives.

Offered By

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Assets Under
Management

Currently
$205MM less than 10 assets
Exited
$32.48MM less than 10 assets
Portfolio LTV
70%  
Historical
Realized Returns

Total IRR
26.6%  
Equity Multiple
2.16x  
Annual Cash
N/R  
Years Of
Experience

As Principals
30+ years  
In Business
70 years  
Size
28 Staff * Dedicated investor relations
* All information is reported by The Procopio Companies as of 4/13/2020.
Assets Under
Management

Currently
$205MM less than 10 assets
Exited
$32.48MM less than 10 assets
Portfolio LTV
70%  
Historical
Returns

Total IRR
26.6%  
Equity Multiple
2.16x  
Annual Cash
N/R  
Years Of
Experience

As Principals
30+ years  
In Business
70 years  
Size
28 Staff * Dedicated investor relations
* All information is reported by The Procopio Companies as of 4/13/2020.

Financials

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Offering Financial

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Location Details

Portland, ME


Michael Procopio, Procopio Companies: "Located in a prime on-peninsula location just two blocks from the iconic Press Hotel, this site boasts a WalkScore of 97, and is less than a 3-minute walk to Whole Foods, Trader Joes, Walgreens and Planet Fitness, and is less than a 5-minute walk to the downtown with its world-class restaurants and bars. Portland was voted Most-Livable City by Forbes Magazine, and Bon Appetit's 2018 Restaurant City of the Year."

Documents

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Offering Agreement Documents

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