Waterway Family Funds, LLC (“Waterway”) is pleased to announce the recent acquisition of a mixed-use development serving the Town of Brunswick, ME. Anchoring downtown Brunswick, the property is directly adjacent to the BRK Amtrak Station and Bowdoin College. The property, consisting of 24 Class A apartment units and over 40,000 SF of commercial space, was 100% occupied at the time of acquisition. The commercial rent roll features a diverse tenanting mix of medical office, government office and tenant friendly retail. Waterway acquired the project in a joint venture with Norwegian Bay Capital. Mechanics Savings, a division of Maine Community Bank, provided the acquisition financing.
Brunswick, ME is a well established community that continues to benefit from the regional affordability, which has driven in-migration, record leasing activity and the strengthening of market fundamentals.
The Property is immediately served by the BRK Amtrak Station, is directly adjacent to Bowdoin College (consistently ranked among the top Liberal Arts colleges in the country), and maintains central location to grocery anchored retail developments, Town Hall, and Main Street. Directly accessible to I-295 Brunswick is a 30-minute drive to downtown Portland. Several large employers in the area provide a strong economic base including LL Bean, Bowdoin College, Mid Coast hospital, Bath Iron Works, Wayfair, and Owens Corning.