BOSTON, Nov. 3, 2025 – JLL Capital Markets announced today that it has arranged $96.8 million in construction financing for Prescott Post, a 360-unit Class A multifamily development in Portsmouth, New Hampshire.

JLL represented the borrowers, Eastern Real Estate and The Kane Company, in securing a construction loan through Truist Bank.

Set on 26 acres, this 100% market-rate project will feature over 2.7 acres of green and community space, a best-in-class amenity offering and a diverse unit mix spread across a collection of three- and four-story buildings. Resident amenities include multiple clubrooms, co-working spaces, an indoor/outdoor fitness suite with yoga studio, outdoor kitchens, fire pits, a dog run with pet wash station and private single-car garages. Units will feature premium finishes including quartz countertops, stainless steel Energy Star appliances, in-unit washers and dryers, and ample natural light through Juliet balconies and oversized windows.

Prescott Post is positioned to capture the Seacoast region’s surging demand leveraging the growing population, strong local economy and proximity to major employers. The project is proximate to Pease International Tradeport, which houses over 250 companies employing more than 10,500 people across five million square feet of office, industrial and R&D space. The community is also within a five-minute walk to premium retail amenities including Whole Foods, Trader Joe's and Market Basket, and provides easy access to I-95 and Rte-4.

Portsmouth has experienced impressive population growth of over 8% since 2010, driven by New Hampshire's lack of state income tax and the area's high quality of life. The city earned recognition as the top-ranked place to live for young professionals in New Hampshire and benefits from an average household income of $153,000. Despite strong demand, Portsmouth has seen limited new multifamily development with just 460 units delivered since 2014, positioning Prescott Post to capitalize on severe supply constraints.

Construction began in October 2025, with first unit delivery anticipated for December 2026 and project completion scheduled for late 2027.

“Following nearly two years of planning, Eastern and the Kane Companies are proud to introduce Prescott Post - a dynamic new residential and community hub that will transform a vacant former retail site and deliver much-needed housing to Portsmouth.” said Toby Banta of Eastern Real Estate. “We could not have achieved this milestone without the partnership of the city and the dedication of our team of consultants and partners.”

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brett Paulsrud, Managing Director Andrew Gray, along with Vice President Hugh Doherty.

"Portsmouth's exceptional fundamentals including strong population growth, limited supply and high barriers to entry create an ideal environment for this premium multifamily development," said Paulsrud. "The financing market recognized these compelling dynamics, and we were able to secure highly competitive terms that position the project for success."

“We’re grateful for the opportunity to support Eastern Real Estate and The Kane Company, as they continue to invest in New England communities,” said Rebecca Cox, Senior Vice President and Market Manager at Truist National Real Estate. “Led by Gordon Clough, our team provided construction financing to support high-quality housing in Portsmouth and further the region’s long-term growth.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Eastern Real Estate is a national, privately held commercial real estate investment company headquartered in Boston that identifies, develops and manages commercial real estate projects throughout the United States. With over 30 years of experience, Eastern has invested in more than 100 projects across all asset classes and developed in excess of 15 million square feet, totaling over $4 billion in value. The company balances an agile, opportunistic investment approach with disciplined risk management, leveraging its strong capital base and experienced team to capitalize on diverse real estate opportunities.

Headquartered in Portsmouth, New Hampshire, The Kane Company is a premier commercial real estate firm with over 40 years of experience in real estate investment, development, and asset management. Their diverse portfolio totals over 3.5 million SF in Southern New Hampshire and Northern Massachusetts. As the dominant industrial and commercial real estate platform in southern New Hampshire, The Kane Company has built a foundation that extends beyond traditional real estate ownership and development.

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $544 billion as of September 30, 2025. Truist Bank, Member FDIC. Equal Housing Lender. Learn more at Truist.com.