A recent bankruptcy auction has resulted in the sale of a luxury condominium development in Cumberland, Maine. The Mark at Cumberland Foreside has been acquired by Builders Capital Finance LLC for $15.7 million. This sale took place on September 17, as detailed in court documents.
Cumberland Luxury Housing Development Details
The Mark encompasses 45 units, featuring 24 one-bedroom and 21 two-bedroom configurations. The four-story building, located along U.S. Route 1, spans 64,795 square feet and sits on over three acres of land. The construction costs exceeded $20 million.
Amenities and Features
This luxury development includes several appealing amenities:
- Heat pumps for efficient climate control
- Advanced security systems for resident safety
- A gym to promote fitness
- Storage facilities for residents
- A parking garage located on the lower level
Financial Challenges and Resolutions
The project faced financial challenges during construction, which commenced in December 2022. It hit a snag and stalled when the developer encountered liquidity issues. According to William Longley, the code enforcement officer for Cumberland, one lender intervened, clearing approximately $2 million in liens, allowing work to resume.
Completion and Future Use
The construction was completed by late 2024, and the building has received its certificate of occupancy. However, it remains uncertain when residents will be able to move in. The new ownership has the opportunity to either rent the units or sell them as condominiums.
Market Prices
The developer’s website lists the units with rental prices as follows:
- One-bedroom, one-bathroom: starting at $399,000
- Two-bedroom, two-bathroom: starting at $739,000
The local government’s aim is to ensure the development becomes occupied, benefiting the housing market in southern Maine. With its strategic location and high-end amenities, The Mark at Cumberland Foreside represents a significant addition to the region’s luxury housing options.
