PORTLAND — Maine Cooperative Development Partners will break ground on 20 affordable housing condominiums as phase two of the Dougherty Commons development project after receiving the $4.5 million in financing from Skowhegan Savings Bank. The modular condominium units, being constructed by KBS Builders and BackYard ADU, are the latest addition to the approximately 120 mixed rental and ownership affordable housing units being built as part of the housing development in Portland’s Libbytown neighborhood.
“We’re pleased to move on to phase two of this project as it is really one of a kind that took working with the City of Portland, Maine State Housing Authority, Skowhegan Savings and BlueHub Capital to bring to fruition,” said Liz Trice, partner of Maine Cooperative Development Partners.
Approved by the city’s planning board in 2022, Maine Cooperative Development Partners, in partnership with Szanton Company, the land for the Dougherty Commons development was purchased from the city and supported with a $1.5 million housing trust fund. The housing project also includes a five-story, multi-unit apartment building. Over half of these apartment rental units will be reserved for households earning 60 percent or below the area median income and will be completed this summer. The one-to-three-bedroom condominiums will be available for purchase by those earning up to 100 percent of the area median income and is projected to be completed in 2026.
“The financing of phase two of this project took over 18 months of working closely with a diverse group of public and private funding participants,” said Susan Desgrosseilliers, vice president commercial lender for Skowhegan Savings and lead lender on the project. “I personally feel privileged to be able to play a part in helping with the development of this high-quality affordable housing project for Portland and commend my team at Skowhegan Savings for their hard work in making this happen.”
“We are grateful for Skowhegan Savings’ partnership in seeing phase two of this project’s financing to the finish line,” said Trice. “It was a complicated deal that included multiple participants on the funding side and their determination to see it through is invaluable to the project.”
The Dougherty Commons project is one of three Portland affordable housing projects awarded to Maine Cooperative Development Partners, the other two are located in North Deering. For more information about the development project or interest in applying for housing, visit mainecooperativehousing.com/dougherty.