Real Estate Developer Stephen Kelm and Eastern Bank Partner on $20 Million Construction Loan In Downtown Portsmouth, NHFebruary 21, 2019
71,000 square-foot mixed use condominium property being developed
PORTSMOUTH, NH, February 21, 2019 – Eastern Bank, America’s oldest and largest mutual bank, is pleased to announce that its Commercial Real Estate team is leading a $20 million construction loan for Portsmouth-based developer Stephen Kelm to build a 71,000 square-foot mixed use condominium property at 46-64 Maplewood Avenue in downtown Portsmouth’s booming North End. Planned to open in 2020, the property will include more than 16,000 square feet of ground level retail/office space with 22 luxury residential condominiums above.
A customer of Eastern Bank and previously Centrix Bank & Trust since 1999 (Centrix merged with Eastern in 2014), Stephen Kelm focuses on residential and commercial real estate projects along the Seacoast. The 20-year banking relationship has provided dozens of financing transactions to Stephen Kelm for redevelopment projects in the downtown Portsmouth area.
“Eastern’s expertise and support of our community are second to none” said Developer Stephen Kelm. “In addition to the team’s local knowledge of the market, they understand the full range of real estate needs which has allowed us to secure many transactions through the years from acquiring new real estate and refinancing properties to starting new construction.”
Eastern’s Commercial Real Estate team services the financing and cash management needs of professional, smaller, middle market, and institutional real estate owners and developers primarily located in Massachusetts, Southern New Hampshire and Rhode Island. This includes term loans, construction and development loans, and lines of credit for investor owned real estate, such as apartment buildings, office buildings, shopping centers, self storage facilities, hotels, and condominium and single family home development.
Senior Vice President Stephen Witt led a Portsmouth, New Hampshire-based commercial real estate team on this financing.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with $11 billion in assets and over 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $120 million in charitable giving since 1999. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram.
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