Eastern waterfront developer trying to raise $2M
CPB2 Management LLC, Portland-based commercial real estate firm developing the former 58 Fore St. property and the nearby waterfront, raised $505,173 of a $2 million equity offering filed with the U.S. Securities and Exchange Commission Wednesday.
The first date of sale was July 5. Listed on the filing are Casey Prentice, James Brady, Kevin Costello and Richard Prentice, all vice presidents of CPB2, which issued the fund raise, plus Christopher Beane, manager of Blue Water Managers LLC, a member of the issuer’s manager.
Brady told the Portland Press Herald recently that his firm plans to turn the site on Portland’s eastern waterfront into housing, offices, markets and restaurants, along with a world-class marina.
The company had been in a protracted debate with neighbors of the former industrial complex, but now has the city’s go-ahead for development.
In July 2015, CPB2 raised $450,000 of a $1 million equity offering for operating capital. At the time, Costello told Mainebiz, "The equity was raised from a group of private investors for ordinary operating expenses."
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