
(rendering credit The Cedars)
Portland, ME PM Construction Co. is currently underway on a construction project at The Cedars retirement community. The ground up project consists of a 45,000 s/f skilled nursing care and memory care assisted living households, with sixty additional resident rooms. The project is part of The Cedars overall commitment to transforming senior care by creating a paradigm shift from today’s senior care offerings.
Elsewhere, PM is managing the large-scale construction of the Latitude at Clark’s Pond project in South Portland. The 256-unit, four building apartment complex includes a shared conference room and fitness center in each building.
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.