Building Business: Multifamily housing among projects underway in Portland

Wright-Ryan Construction of Portland is readying 58 Boyd St., a 55-unit affordable housing complex in Portland. The cost was $11.2 million, and Bangor Savings was the largest private lender, putting up $2.9 million. Portland Housing Authority is the developer. CWS Architecture handled the design. Fall completion is expected.

Zachau Construction of Freeport has framing and sheathing up on what will be the Wessex Woods Senior Apartments, on Brighton Avenue (at Wessex Street) in Portland’s Nason’s Corner neighborhood. The project will have 40 units, including 34 affordable apartments and six at market rate. The developer is Avesta Housing of Portland. Design is by CWS Architecture & Interior Design. Financing came from Bangor Savings (construction and permanent loans), Federal Home Loan Bank of Boston (Affordable Housing Program grant) , Boston Financial Investment Management (Low-Income Housing Tax Credit) and MaineHousing (Low-Income Housing Tax Credit). Occupancy is expected by fall.

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