Northland Enterprises is a real estate development company based in Portland, Maine that specializes in acquiring and rehabilitating income-producing urban properties, including large historic rehabilitation projects. The company redeveloped the historic Baxter Library in Portland, which required modernizing the building while preserving its unique historic features. Challenges included financing the $4.6 million project when the appraised value was only $3.1 million. Creative partnerships with public and private lenders helped fund the project. The redevelopment spurred additional development in the neighborhood. Complex projects succeed through teamwork among developers, lenders, investors, and other stakeholders.

2. Principals:
Rex S. Bell, Joshua A. Benthien
Northland Enterprises. LLC, is a Portland, Maine based real estate development company
formed in 2001 to acquire, redevelop, and reposition unique income producing properties.
Northland specializes in:
1.Acquiring and rehabilitating “value-add”
urban-infill, income producing
office, retail and multifamily properties.
2.Large scale Historic Rehabilitation
projects utilizing multiple funding sources.

3. Public-Private Partnership Success Stories- Baxter Library
Post Card from circa 1910 Post rehabilitation 2010

4. Baxter Library History
 First public library in Portland
 Built in 1888
 Designed by Francis Fassett, one of Portland’s most prolific and influential architects
 Operated as Portland’s library until late 1970’s.
 Listed on the national registry of historic places
 Owned by the Maine College of Art from 1980 – 2009
 Under MECA’s ownership, the building was well preserved but not upgraded; a time
capsule.
 MECA had shuttered the building as they consolidated into the Porteous building.

5. Baxter Library Challenges:
 Redevelopment type: What use was most feasible: housing or commercial?
 Functionality: How to modernize a building with such unique historic fabric and
unique features
 Sources/Uses imbalance: As-complete appraised value : $3.1mm vs. total
development costs of $4.6mm ($1.5mm gap). Complicating things more is the fact that
his deal materialized in 2008/2009 when prospects for lending were dim.
 Neighborhood: Once a thriving block of Congress Street, this area had not been a
focus of redevelopment in the last 15 years.

6. Baxter Library Challenges:
 Redevelopment type: What use was most feasible: housing or commercial
1. Odd shape
2. Limited parking
3. Difficult access Commercial Use
4. Neighborhood issues
5. Window line issues

7. Baxter Library Challenges:
 Functionality: How to modernize a building with such unique historic fabric and
unique features:
Keys to success:
 Team of talented architects
– David Lloyd/ Archetype Architects (exterior/building systems)
– Scott Simons/ Scott Simons Architects (interior fit-out)
 Visionary tenant in John Coleman and his team at The VIA Agency.

8. Baxter Library – Functionality Highlights:
 All new building systems (electric/HVAC/plumbing/IT Infrastructure)
 Historic replica windows/ or rebuilt wooden windows where originals existed
 50% re-pointing
 New ADA compliant rear entrance
 Addition of a 3 floor elevator
 Creation of a new floor (3rd floor) in the rear stack building
 Added a mezzanine connecting third floors of the front and rear building
 Complete fit-up for Via

9. Baxter Library - Functionality

10. Baxter Library - Functionality

11. Baxter Library - Functionality

12. Baxter Library - Functionality

13. Baxter Library - Functionality

14. Baxter Library - Functionality

15. Baxter Library - Functionality

16. Baxter Library - Functionality

17. Baxter Library – Sources/Uses Imbalance
KEYS TO SUCCESS:
Financing partners who excel at creative problem solving:
 Bangor Savings Bank
 Coastal Enterprises
 City of Portland
 Maine Rural Development Authority
 Tax Credit Capital

18. Baxter Library – Creative Partnerships

19. Baxter Library – Capital Stack
Source Amount Private/ Public
Bangor/CEI debt (NMTC) $2.4mm Public & Private
MRDA Debt $438,000 Public
Bangor TIF Loan $184,000 Public & Private
Infrastructure Grant $25,000 Public
Developer Contribution $325,000 Private
State Historic Equity $630,000 Public & Private
Federal Historic Equity $500,000 Public & Private
Seller Financing $100,000 Private
$4,602,000

20. Baxter Library: Neighborhood – Challenge to Opportunity
PRIOR to Baxter’s completion, within a 2 block radius, the following projects were
Underway/or pending:
 Justin Alfond/Greg Shinburg’s renovation of the former USM dorm into market rate
apartments.

21. Baxter Library: Neighborhood – Challenge to Opportunity
AFTER Baxter’s completion, within a 2 block radius:
 Justin Alfond/Greg Shinburg’s renovation of the former USM dorms (100% leased)
 Eastland Park Hotel historic rehabilitation (underway)
 State Theater renovation (complete and thriving)
 Cleaning up of the vacant lot next to Gino’s (complete)
 Sale and pending renovation of the Lafayette apartment building (underway)
 Coffee By Design’s renovation and expansion across from Baxter. (complete)
 Four new restaurants have relocated to Longfellow square (complete)

22. Keys to Success:
Complex Developments are successful when there is a team mentality between the developer,
Lenders, investors, municipalities, construction professionals and tenants.
These projects require unique levels of collective problem solving and understanding of each
other’s perspective

23. Josh Benthien – Partner
Josh@northlandus.com
207-780-0223