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Josh Benthein

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Josh Benthein

  1. 1. Principals: Rex S. Bell, Joshua A. Benthien Northland Enterprises. LLC, is a Portland, Maine based real estate development companyformed 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.
  2. 2. Public-Private Partnership Success Stories- Baxter Library Post Card from circa 1910 Post rehabilitation 2010
  3. 3. 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.
  4. 4. 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.
  5. 5. 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
  6. 6. 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.
  7. 7. 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
  8. 8. Baxter Library - Functionality
  9. 9. Baxter Library - Functionality
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  11. 11. Baxter Library - Functionality
  12. 12. Baxter Library - Functionality
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  15. 15. Baxter Library - Functionality
  16. 16. 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
  17. 17. Baxter Library – Creative Partnerships
  18. 18. Baxter Library – Capital StackSource Amount Private/ PublicBangor/CEI debt (NMTC) $2.4mm Public & PrivateMRDA Debt $438,000 PublicBangor TIF Loan $184,000 Public & PrivateInfrastructure Grant $25,000 PublicDeveloper Contribution $325,000 PrivateState Historic Equity $630,000 Public & PrivateFederal Historic Equity $500,000 Public & PrivateSeller Financing $100,000 Private $4,602,000
  19. 19. Baxter Library: Neighborhood – Challenge to OpportunityPRIOR to Baxter’s completion, within a 2 block radius, the following projects wereUnderway/or pending: Justin Alfond/Greg Shinburg’s renovation of the former USM dorm into market rate apartments.
  20. 20. Baxter Library: Neighborhood – Challenge to OpportunityAFTER 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)
  21. 21. 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 eachother’s perspective
  22. 22. Josh Benthien – Partner Josh@northlandus.com 207-780-0223

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