Seyfarth Represents Eastern Real Estate in $97 Million Construction Loan

Seyfarth, led by partner Mike Dowley and associate John Tully, represented a joint venture comprised of affiliates of Eastern Real Estate and The Kane Co. on a $96.8 million construction loan from Truist Bank (with Eastern Bank as a syndicate lender) for Prescott Post, a 360-unit market-rate development in Portsmouth, New Hampshire. 

The joint venture broke ground on the development last month and expects to deliver the first units by December 2026. Project completion is slated for late 2027.

Rising on a 26-acre site, Prescott Post will feature 17 buildings of three and four stories when complete, with a unit mix comprising studios and one- to three-bedroom apartments. Amenities are to include coworking spaces, clubrooms, a fitness center, a yoga studio, outdoor kitchens, dog run with pet wash and private single-car garages, as well as more than 2 acres of green space.

“We’re thrilled to represent Eastern Real Estate on this transformative development and proud to support their continued growth in New England,” said Dowley.

Truist was represented by Riemer. The transaction was featured in Multi-Housing News and Boston Real Estate Times.