PORTSMOUTH, N.H.— A major new housing development is on the way for Portsmouth. JLL Capital Markets has arranged $96.8 million in construction financing for Prescott Post, a 360-unit apartment community being developed by Eastern Real Estate and The Kane Company. The construction loan was provided by Truist Bank.
The new Class A residential project will rise on a 26-acre site and include three- and four-story buildings with a total of 360 market-rate apartments. The community will feature more than 2.7 acres of green space, walking areas, and a variety of shared amenities. Planned features include clubrooms, co-working spaces, a fitness suite with yoga studio, outdoor kitchens, fire pits, and a dog park with wash station. Units will include modern finishes such as quartz countertops, stainless steel appliances, in-unit laundry, and large windows for natural light.
Located near Pease International Tradeport, the development aims to meet rising housing demand driven by the region’s strong job growth and limited housing supply. The Tradeport is home to more than 250 companies and 10,500 employees, and the site is within walking distance of major retailers such as Whole Foods, Trader Joe’s, and Market Basket. Residents will also have easy access to I-95 and Route 4.
Portsmouth’s population has grown more than 8% since 2010, thanks to New Hampshire’s lack of a state income tax and the city’s high quality of life. Despite the strong demand, only 460 new multifamily units have been built in Portsmouth since 2014, creating a tight housing market that Prescott Post is expected to help relieve.
Construction began in October 2025, with the first apartments expected to be available by December 2026 and full completion scheduled for late 2027.
“After nearly two years of planning, we’re proud to introduce Prescott Post—a new residential and community hub that will transform a vacant retail site and bring much-needed housing to Portsmouth,” said Toby Banta of Eastern Real Estate. “This milestone wouldn’t have been possible without the support of the city and our dedicated project team.”
The financing deal was led by Brett Paulsrud, Andrew Gray, and Hugh Doherty of JLL’s Capital Markets team. Paulsrud said the city’s strong fundamentals and limited new supply made the project attractive to lenders.
Rebecca Cox, Senior Vice President at Truist National Real Estate, added that the bank was “grateful for the opportunity to support Eastern Real Estate and The Kane Company as they continue to invest in New England communities.”
When complete, Prescott Post will bring new, high-quality housing to one of New Hampshire’s most competitive housing markets—offering modern living spaces while supporting the region’s ongoing growth.
