2. Principals:
Rex S. Bell, Joshua A. Benthien
Northland Enterprises. LLC, is a Portland, Maine based real estate development company
formed in 2001 to acquire, redevelop, and reposition unique income producing properties.
Northland specializes in:
1.Acquiring and rehabilitating “value-add”
urban-infill, income producing
office, retail and multifamily properties.
2.Large scale Historic Rehabilitation
projects utilizing multiple funding sources.

3. Public-Private Partnership Success Stories- Baxter Library
Post Card from circa 1910 Post rehabilitation 2010

4. Baxter Library History
 First public library in Portland
 Built in 1888
 Designed by Francis Fassett, one of Portland’s most prolific and influential architects
 Operated as Portland’s library until late 1970’s.
 Listed on the national registry of historic places
 Owned by the Maine College of Art from 1980 – 2009
 Under MECA’s ownership, the building was well preserved but not upgraded; a time
capsule.
 MECA had shuttered the building as they consolidated into the Porteous building.

5. Baxter Library Challenges:
 Redevelopment type: What use was most feasible: housing or commercial?
 Functionality: How to modernize a building with such unique historic fabric and
unique features
 Sources/Uses imbalance: As-complete appraised value : $3.1mm vs. total
development costs of $4.6mm ($1.5mm gap). Complicating things more is the fact that
his deal materialized in 2008/2009 when prospects for lending were dim.
 Neighborhood: Once a thriving block of Congress Street, this area had not been a
focus of redevelopment in the last 15 years.

6. Baxter Library Challenges:
 Redevelopment type: What use was most feasible: housing or commercial
1. Odd shape
2. Limited parking
3. Difficult access Commercial Use
4. Neighborhood issues
5. Window line issues

7. Baxter Library Challenges:
 Functionality: How to modernize a building with such unique historic fabric and
unique features:
Keys to success:
 Team of talented architects
– David Lloyd/ Archetype Architects (exterior/building systems)
– Scott Simons/ Scott Simons Architects (interior fit-out)
 Visionary tenant in John Coleman and his team at The VIA Agency.

8. Baxter Library – Functionality Highlights:
 All new building systems (electric/HVAC/plumbing/IT Infrastructure)
 Historic replica windows/ or rebuilt wooden windows where originals existed
 50% re-pointing
 New ADA compliant rear entrance
 Addition of a 3 floor elevator
 Creation of a new floor (3rd floor) in the rear stack building
 Added a mezzanine connecting third floors of the front and rear building
 Complete fit-up for Via

9. Baxter Library - Functionality

10. Baxter Library - Functionality

11. Baxter Library - Functionality

12. Baxter Library - Functionality

13. Baxter Library - Functionality

14. Baxter Library - Functionality

15. Baxter Library - Functionality

16. Baxter Library - Functionality

17. Baxter Library – Sources/Uses Imbalance
KEYS TO SUCCESS:
Financing partners who excel at creative problem solving:
 Bangor Savings Bank
 Coastal Enterprises
 City of Portland
 Maine Rural Development Authority
 Tax Credit Capital

18. Baxter Library – Creative Partnerships

19. Baxter Library – Capital Stack
Source Amount Private/ Public
Bangor/CEI debt (NMTC) $2.4mm Public & Private
MRDA Debt $438,000 Public
Bangor TIF Loan $184,000 Public & Private
Infrastructure Grant $25,000 Public
Developer Contribution $325,000 Private
State Historic Equity $630,000 Public & Private
Federal Historic Equity $500,000 Public & Private
Seller Financing $100,000 Private
$4,602,000

20. Baxter Library: Neighborhood – Challenge to Opportunity
PRIOR to Baxter’s completion, within a 2 block radius, the following projects were
Underway/or pending:
 Justin Alfond/Greg Shinburg’s renovation of the former USM dorm into market rate
apartments.

21. Baxter Library: Neighborhood – Challenge to Opportunity
AFTER Baxter’s completion, within a 2 block radius:
 Justin Alfond/Greg Shinburg’s renovation of the former USM dorms (100% leased)
 Eastland Park Hotel historic rehabilitation (underway)
 State Theater renovation (complete and thriving)
 Cleaning up of the vacant lot next to Gino’s (complete)
 Sale and pending renovation of the Lafayette apartment building (underway)
 Coffee By Design’s renovation and expansion across from Baxter. (complete)
 Four new restaurants have relocated to Longfellow square (complete)

22. Keys to Success:
Complex Developments are successful when there is a team mentality between the developer,
Lenders, investors, municipalities, construction professionals and tenants.
These projects require unique levels of collective problem solving and understanding of each
other’s perspective

23. Josh Benthien – Partner
Josh@northlandus.com
207-780-0223