The Federated Companies Sells Maine Asset

Portland, Maine — Mixed-use property sells for $18.2 million.

The Federated Companies brought occupancy at Bayside Village from 45 percent in fall 2010 to 100 percent for fall 2011. The asset recently sold to Blue Vista Capital.Portland, Maine — National real estate investment and development firm The Federated Companies has sold Bayside Village, a student housing complex less than a mile from the University of Southern Maine, to Blue Vista Capital Management for $18.2 million. The five-story building was completed in 2009 and consists of 402 beds and includes 3,300 square feet of retail space and a 117-space parking garage. It is across the street from a Whole Foods, Trader Joe’s and Planet Fitness.

The Federated Companies acquired the non-performing mortgage, which was secured by the property in December 2010 from KeyBank, and negotiated a deed-in-lieu with the defaulted borrower and mezzanine lender.

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