Hospital converts to Mixed-use Development

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NeighborWorks Capital purchased a $700,000 participation in an acquisition loan with Coastal Enterprises, Incorporate (CEI) in February. This loan will assist New Height Redfern, LLC (the Borrower) with the purchase of the current site of Mercy Hospital, a major institutional anchor in Portland, Maine that is relocating. New Height Redfern will redevelop the hospital site, which includes 3.5 acres of land and over 250,000 square feet of improvements, into a mixed-use development of apartments, condominiums, a commercial office space (including nonprofit space), and a self-storage facility.  

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