We are thrilled to share the progress on Nasson in the Pines. Nestled in the desirable borough of Springvale within the city of Sanford, Maine, this ambitious renovation project aims to bring much-needed housing to the southern Maine region.
Nasson in the Pines is a large-scale renovation project that involves transforming three existing dormitory buildings, spanning 65,000 square feet, into market-rate apartment buildings. Upon completion, the project will offer 83 beautifully designed apartment units, contributing significantly to addressing the housing shortage in southern Maine, estimated to be between as much as 84,000 units by 2030.
We are proud to report that we have successfully raised $2,700,000 in equity to kickstart this exciting project, with the remaining funds to be secured through traditional bank financing. Though we are no longer seeking additional capital, we would like to highlight the success of this project as an excellent example of how we put our investors' equity to good use.
With Nasson in the Pines, we are not only creating beautiful homes for our residents but also actively addressing the pressing housing shortage in the area. As we continue to develop more projects like this, we hope to make a significant positive impact on the local community and the lives of our residents.
Stay tuned for updates on this project as construction continues, and feel free to explore our website to learn more about our other exciting developments. Thank you for your interest and support.
Total Equity Raised: $2,700,000
Target IRR: 20%
Time to Return: 30-60 months
Construction Start: October 2022
Expected Completion: Mid-2024
Occupancy: Some rentals available by Fall 2023