Recently completed 45-unit residential complex in Cumberland auctioned for $15.75M

The Mark at Cumberland Foreside, a recently completed 45-unit luxury residential complex at 100 U.S. Route 1 in Cumberland, fetched a high bid of $15.75 million at an auction conducted by Keenan Auction Co. 

The auction, held Sept. 17, was ordered by the U.S. Bankruptcy Court for the District of Maine.

The buyer’s identity was not disclosed. The sale price fell short of the building’s cost, which was $24.7 million.

According to the bankruptcy filing, the three largest unsecured creditors as of April were owed a total of $14.3 million.

Developer Mark McClure, managing partner of Miami-based GenX Capital Partners LLC, broke ground on the project as a condominium development in 2022.

In 2024, after a slowdown in the residential market and increases in interest rates, the project was converted to rental apartments, McClure told Mainebiz at the time.

The name of the development firm behind the project is the Mark Real Estate Holdings LLC.

McClure attributed the bankruptcy to a third-party accounting error that resulted in a $1.4 million shortfall in the $24.7 million project budget and in turn cascaded into financing problems with the project’s lender. 

A proposed deal with the lender was unsuccessful, he said.

The Mark, which is situated on a 3.16-acre parcel between U.S. Route 1 and I-295, consists of a four-story, 45-unit luxury residential complex containing 64,795 square feet, which includes a lower-level parking garage of 12,892 square feet.

There are modern finishes and state-of-the-art systems, including heat pumps, security and LED automatic lighting. Amenities include a lobby elevator, generator, lower-level storage units, heated garage, bike storage, a common gathering room and parking with 59 spaces plus 20 garage spaces.