Truist Bank Provides $97M Construction Financing for Portsmouth Multifamily Building

Eastern Real Estate and The Kane Company have secured $96.8 million in construction financing to build Prescott Post, a 360-unit multifamily complex that broke ground last month in Portsmouth, N.H.

Truist Bank provided the loan, while a JLL Capital Markets’ team of Brett Paulsrud, Andrew Gray and Hugh Doherty arranged the transaction. 

Paulsrud noted in a statement that the fundamentals of Portsmouth’s multifamily market are supported by the area’s recent population growth, which has increased 8 percent annually since 2010, as well as by severe supply constraints and high barriers to entry, as only 460 multifamily units have been added since 2014.  

“The financing market recognized these compelling dynamics, and we were able to secure highly competitive terms that position the project for success,” he added. 

Rebecca Cox, senior vice president at Truist National Real Estate, said the financing from her bank will “support high-quality housing in Portsmouth and further the region’s long-term growth.”

Located at 100 Durgin Lane on the site of a vacant retail center in the Seacoast region of southeast New Hampshire, Prescott Post is expected to deliver its first units in December 2026 and finish construction by late 2027. 

The multifamily complex will feature several three- and four-story buildings set across 26 acres and include nearly 3 acres of green space and shared community areas.  The complex will also include an indoor/outdoor fitness center, a pet wash, a dog run, and private parking garages for residents. 

Toby Banta of Eastern Real Estate noted in a statement that the project took two years of planning and will deliver “a dynamic new residential and community hub” to greater Portsmouth. 

“We could not have achieved this milestone without the partnership of the city and the dedication of our team of consultants and partners,” added Banta. 

Brian Pascus can be reached at bpascus@commercialobserver.com.