Portland waterfront condo complex secures $46M for phase-two build-out
Courtesy / Rockland Trust
Phase two of Hobson's Landing in Portland, shown here in a rendering, is underway.
Developer Reger Dasco Properties has secured a $46 million financing package, led by Rockland Trust, for the second phase of the Hobson’s Landing condominium development in Portland.
The build-out of 387 Commercial St. will include the addition of 64 one- to three-bedroom condominiums, five retail units, a 130-space parking garage and a rooftop deck.
Construction for phase two is underway and the building is scheduled to open to residents late in 2023, with units ranging from $450,000 to $3 million.
“The development of Hobson’s Landing not only amplifies what Portland has to offer, but fills the need for versatile, resident-focused housing options for this growing city,” said Joseph Armenia, chief financial officer at Reger Holdings LLC, part of Reger Dasco.
Construction of Hobson’s Landing began in November 2018 on the former site of the Rufus Deering Lumber Co. at 383 Commercial St. Reger Dasco purchased the 2.5-acre site in November 2016. Phase one, which included 91 units, has sold out. The property boasts amenities such as a concierge, fireplaces and private decks, a community-shared Tesla electric car, wine tastings and cooking classes.
The total price tag of the project was not immediately available.
“Hobson’s Landing makes living and owning a business in an extremely desirable area more attainable, which will strengthen both the community and local economy,” said John Davison, senior vice president and lending center manager at Rockland Trust.
The Hobson’s Landing location, between the city’s West End, Old Port and working waterfront, links the areas that have defined the city since its inception, the developers said.
Reger Dasco Properties is a Portland-based partnership between Gordon Reger, principal of Reger Holdings in West Seneca, N.Y., Demetri Dasco, principal of Atlas Investment Group in Boston, and Joseph Dasco, principal of Boulder Hill Development in western Massachusetts.
Reger Dasco also has proposed another development in Portland called Herald Square, three buildings condominiums and a 12-story hotel to be located at 385 Congress St. That project aims to break ground in 2023. Phases one and two will include the construction of the first 110-unit condo tower, structured parking and the building of the 152-room hotel. The final phases will cover the construction of a second 193-unit condo tower and additional parking.
Independent Bank Corp. (Nasdaq: INDB) is the holding company for Rockland Trust Co., a full-service commercial bank headquartered in Massachusetts.
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I support the residential projects but am curious to know if any of the units in any of these developments will be earmarked under the affordable housing program. Also, will there be any restrictions on unit owners' being onsite rather than buying up units for short-term rentals?
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