JLL Secures $13.55M Multifamily Acquisition Financing for Carrier Woods Apartments in Scarborough, Maine

JLL announced April 22 that it has arranged $13.55 million in acquisition financing for Carrier Woods Apartments, an 84-unit Class A multifamily property in Scarborough, Maine, on behalf of borrower Chestnut Realty Management LLC.

The financing was structured as a seven-year, fixed-rate loan through Fannie Mae and will be serviced by JLL Real Estate Capital, LLC.

Property and Location Details

Carrier Woods Apartments, built in 2018, consists of seven three-story residential buildings situated approximately six miles south of Portland, Maine's largest employment hub. The property comprises 80 market-rate units and four affordable units, offering a mix of one- and two-bedroom floor plans with contemporary finishes, stainless steel appliances and vinyl flooring.

Residents have access to on-site parking, garden plots, an enclosed dog park and rentable storage units. The property benefits from direct connectivity to Interstate 295, Interstate 95 and Route 1, and is located near The Maine Mall and Scarborough Gallery, described as the state's most-visited community shopping center.

Financing Structure

The acquisition financing was arranged by JLL Capital Markets' Debt Advisory team, led by 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 will continue to show sustained tenant demand given current housing shortages in the region," Schaffer said. "Carrier Woods Apartments represents a compelling long-term investment strategy for Chestnut, which is continuing to expand its multifamily presence in the Greater Portland market."

About the Borrower: Chestnut Realty Management

Chestnut Realty Management LLC is a Boston-based real estate investment firm focused on acquiring and operating long-term, stable, cash-flowing assets. The firm invests across industrial, retail and multifamily properties throughout New England and select East Coast markets.

About JLL Capital Markets

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, offering debt advisory, investment sales, M&A and corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory services. The group has more than 3,000 specialists in offices across nearly 50 countries. Parent company JLL (NYSE: JLL) reported annual revenue of $26.1 billion and employs more than 113,000 people across operations in over 80 countries as of December 31, 2025.