Residential lender named for The Downs; industrial, commercial uses get go-ahead
Courtesy / Caleb Johnson studio
A rendering of the town center of The Downs in Scarborough. The residential portion of the project is well underway, with occupancy this summer, and the innovation zone area got subdivision approval from the Scarborough Planning Board earlier this month. On Friday, Town & Country Federal Credit Union announced it has been named a partner lender for The Downs residential portion. The residences are being marketed by the Scarborough-based Scoville Foley team of Signature Homes Real Estate.
As the Phase I residential portion of The Downs mixed-use portion moves ahead, the Phase II innovation district, which includes light industrial and retail, will soon get underway.
The Downs, developed by Crossroads Holdings LLC, will be a mixed-use residential, commercial and light industrial community on 500 acres on U.S. Route 1 adjacent to the Scarborough Downs race track. The residential component of the project, on 50 acres, includes 30 single-family homes, 48 condominium units, including duplexes, and 48 apartment units.
Many of the housing units have already been sold.
Town & Country Federal Credit Union has been named a partner lender for The Downs residential portion, the company announced Friday. The residences are being marketed by the Scarborough-based Scoville Foley team of Signature Homes Real Estate.
Earlier this month, the Scarborough’s Planning Board gave the project's 154-acre innovation district preliminary approval.
On the residential end, Town & Country FCU marked its lending role by hosting an informational night for prospective residents at its operations center in Scarborough, a news release from the credit union said. The event highlighted the partnership as well as updated the new housing development and financing options.
“We are excited to be a partner lender for The Downs, which will become home to a modern town center for Scarborough, and help to bring newfound vitality to the center of town and launch Scarborough forward into its next chapter," said David Libby, president and CEO of Town & Country FCU. "We look forward to playing a significant role in financing many of the housing options that will be offered as part of this project."
Libby was joined at the event by Roccy Risbara of Risbara Construction, one of the owners of the property, and representatives from Scoville Foley Real Estate Group.
Risbara said enthusiasm for the project “is very strong and we appreciate Town & Country FCU’s willingness to join us as we transform The Downs into the premier place to live, work and play.”
Libby said the credit union’s focus and values “align well with this project. We have a long history of servicing and supporting our loans locally. Our mortgage lending team aren’t just lenders – they live in the community so there is a strong personal connection.”
The credit union, The Downs and Scoville Foley anticipate future information sessions to provide updates and answer questions about the project’s progress.
On the industrial and commercial front, the planning board approval "is a very important step in the permitting process, and one that allows the project to advance to the final design phase," The Downs developers said in a blog post on the project's website.
The district, on the northernmost end of the property, will house light industrial, manufacturing, tech commercial and retail end-users, including three commercial "gateway sites," up to 54 subdivided lots. There will also be nearly 55 acres of open space.
The property will also include sidewalks and walking trails, providing a link to the future town center and connect to neighboring conservation land, the website said.
The Boulos Co. is marketing the property, and accepting reservations on the 57 ready-to-build lots, which will become available in July once they're fully permitted.
Editor's note: This article has been corrected to reflect that the planning board gave the innovation district preliminary approval.
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