BOSTON— JLL Capital Markets announced it has arranged $13.55 million in acquisition financing for Carrier Woods Apartments, an 84-unit Class A multifamily community located in Scarborough, Maine, underscoring continued investor confidence in the Greater Portland housing market.
The financing was secured on behalf of borrower Chestnut Realty Management, a Boston-based real estate investment firm, through a seven-year, fixed-rate loan provided by Fannie Mae. The loan will be serviced by JLL Real Estate Capital, LLC.
Carrier Woods Apartments, built in 2018, consists of seven three-story residential buildings offering a mix of one- and two-bedroom units. Of the 84 apartments, 80 are market-rate and four are designated as affordable housing. Units feature contemporary finishes, including stainless steel appliances and vinyl flooring, while community amenities include on-site parking, garden plots, an enclosed dog park and rentable storage.
The property is situated approximately six miles south of Portland, Maine’s largest employment center, and offers convenient access to Interstate 295, Interstate 95 and Route 1. Its location places residents near major retail and lifestyle destinations such as The Maine Mall and Scarborough Gallery, contributing to its appeal in a supply-constrained housing market.
JLL’s Debt Advisory team representing the borrower included Managing Director Henry Schaffer, Director Mike Shepard, Director Madeline Joyce and Associate Hunter Cuthbertson.
“Scarborough is one of the fastest-growing submarkets in Maine and continues to experience strong tenant demand due to ongoing housing shortages,” said Schaffer. “Carrier Woods represents a compelling long-term investment for Chestnut, as the firm continues to expand its multifamily footprint in the Greater Portland area.”
The acquisition aligns with Chestnut Realty Management’s broader investment strategy focused on stable, income-producing assets. The firm actively invests across multifamily, retail and industrial properties throughout New England and select East Coast markets, emphasizing hands-on management and long-term value creation.
JLL Capital Markets, which facilitated the transaction, is a global provider of real estate capital solutions, offering services that include investment advisory, debt placement, equity fundraising and corporate finance. The firm operates in nearly 50 countries with a network of more than 3,000 specialists.
The deal highlights sustained institutional interest in Maine’s multifamily sector, particularly in high-growth suburban markets like Scarborough, where limited housing supply continues to drive demand and investment activity.
