A 45-unit luxury condominium development in Cumberland sold through a court ordered bankruptcy auction earlier this month.
The Mark at Cumberland Foreside sold to Builders Capital Finance LLC based in Denver for $15.7 million on Sept. 17, according to court documents obtained by the Bangor Daily News.
The four-story development on U.S. Route 1 has 24 one-bedroom and 21 two-bedroom units and cost more than $20 million to build. The 64,795-square-foot building sits on more than three acres.
The building has heat pumps, security systems, a gym, storage for residents and a parking garage in the bottom level.
The project is poised to add dozens of new, much-needed housing units to a desirable part of southern Maine, but underwent some financial turbulence in the building process. Its sale to a new owner suggests a fresh start for the recently-completed development.
Construction on the project began in December 2022 and continued for a year, then stalled when the developer ran out of money, according to William Longley, Cumberland’s code enforcement officer.
“One of the lenders stepped up, paid off all the liens so the contractors came back and finished what needed to be done,” Longley said.
Longley said the liens, or court-ordered claims against someone’s property or assets that are placed to ensure a debt is paid, totaled roughly $2 million. Documents in the Cumberland County Register of Deeds show at least a dozen liens on the project, which have been discharged.
Construction on the development finished in October or November 2024, Longley said. The building now has a certificate of occupancy, but it’s unclear when residents might begin moving in.
The new owner has the option to either rent the units or convert them into condominium units, Longley said.
The development’s website lists the units with “rental prices” ranging from $399,000 for a one-bedroom, one-bathroom, to $739,000 for a two-bedroom, two-bathroom.
“The town’s desire is just to have it occupied,” Longley said.
