Tryperion Holdings Provides $31M Refi for Maine Condo Conversion

The Presidium Group has secured $31 million to refinance a condo conversion at Pepperell Mill, an apartment complex created on the site of a historic textile mill in Biddeford, Maine, Commercial Observer has learned. 

The deal will allow Presidium to fund the conversion of a five-story, 152-unit building, most recently used as multifamily rentals, into luxury condos. 

Tryperion Holdings, a Beverly Hills-based real estate investment firm, provided the financing, with Jeffrey Karsh, Jonathan Etra and Greg Rollman handling the deal on behalf of the lender. Mark McClure, managing director of GenX Capital Partners, arranged the transaction. 

In a statement, McClure called the transaction, “a very complex deal with many moving parts.”

“But when you’re fortunate enough to have an A-plus sponsor and A-plus lender, coupled with top-notch legal teams on both sides, you know it will get done,” McClure said, adding that the $31 million refinancing is one of the largest real estate financings in Maine in 2024.

Located at 2 Main Street in Biddeford — a small town of roughly 22,000 in southeast Maine that was incorporated in 1653 and is the site of the University of New England —  Pepperell Mill apartments is part of the greater Pepperell Mill campus, a 17-acre mixed-use commercial real estate property purchased by The Presidium Group in 2021. The campus began redevelopment in 2004 under Eastland Construction & Management.  

The commercial side of the live-work-play campus includes more than 152 retailers across 16 buildings that lie along the Sacco River. Retailers are mainly local small businesses and include the Biddeford Mills Museum, The Maine Pie Company and Maine Veterinary Internal Clinic. 

Presidium’s Chris Rhoades, Andrew Preston and Will Andress led the transaction on behalf of the sponsor. 

Presidium did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com