Rock Row investor puts $86M more into the project

Courtesy / Waterstone Properties A rendering of the Rock Row mixed-use development in Westbrook.

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Rock Row, the 110-acre complex of shops, restaurants, apartments, offices and medical space under development in Westbrook, has received a funding infusion of $85.7 million from bonds sold to a Dallas investment firm.

Preston Hollow Community Capital purchased the tax-exempt revenue bonds issued by the Finance Authority of Maine, following on a similar 2019 investment, according to a news release Tuesday.

“PHCC was glad to increase our investment in the transformational project that is Rock Row and strengthen our relationship with FAME, the city of Westbrook and the Rock Row development team,” said Ramiro Albarran, co-head of originations at Preston Hollow Community Capital.

“This development will help drive local job creation and provide a highly amenitized community within a dynamic area of Cumberland County, aligning perfectly with our mission of funding sustainable infrastructure needs to cultivate economic advancement.”

Rock Row, at 80 Main St. near the Portland city line, opened in 2020 with an initial phase that included a Market Basket grocery store, Cinemark theater, Starbucks coffee shop and other storefronts.

When complete, the $600 million build-out is expected to comprise roughly 2.7 million square feet, encompassing up to 1,000 residential units, a medical campus anchored by an affiliate of the Dana-Farber Cancer Institute, two hotels, an event venue and more, all centered around a 26-acre, 400-foot-wide former granite quarry.

The owner and developer of the sprawling complex is Needham, Mass.-based Waterstone Properties Group.

Preston Hollow Community Capital has invested $4.8 billion since its launch in 2014, focusing on various sectors of the municipal bond market, including real estate, education, health care, infrastructure and hospitality.