Cumberland Luxury Housing Development Sells at Auction for $15.7 Million
Luxury Condo Development in Cumberland Finds New Buyer Amid Financial Hurdles
High-Stakes Auction for Cumberland’s Luxury Real Estate
A luxury condominium project in Cumberland, known as The Mark at Cumberland Foreside, has been sold through a court-ordered bankruptcy auction. The sale, completed on September 17, saw Builders Capital Finance LLC, based out of Denver, purchasing the property for $15.7 million. Court documents acquired by Emegypt reveal the transaction, marking a significant development in Cumberland’s real estate landscape.
Key Features and Financial Challenges
The Mark at Cumberland Foreside, a four-story edifice strategically positioned on U.S. Route 1, comprises 45 luxury units — 24 one-bedroom and 21 two-bedroom residences. Despite the project amassing over $20 million in construction costs, the development faced financial hurdles that stalled progress. Spread over more than three acres, the 64,795-square-foot building is equipped with modern amenities, including:
- Heat pumps
- Secure systems
- A fully-equipped gym
- Ample storage for residents
- A parking garage located on the bottom level
Cumberland’s Future in Housing
The project, finalized in late 2024, stands as a potential solution to the region’s housing needs; however, financial setbacks nearly derailed its completion. William Longley, Cumberland’s code enforcement officer, noted that construction began in December 2022 and faced interruptions when funding depleted. A critical turnaround came when a lender intervened to settle around $2 million in liens, allowing contractors to complete the required work.
Next Steps for The Mark at Cumberland Foreside
With construction concluded, a certificate of occupancy has been issued; however, the timeline for new residents moving in remains uncertain. The new ownership under Builders Capital Finance LLC holds the flexibility to either rent or sell the units as condominiums. Emegypt reports that current listings indicate rental prices starting from $399,000 for a one-bedroom unit to $739,000 for a two-bedroom unit.
Longley encapsulated the town’s interest, stating, “The town’s desire is just to have it occupied.” This signifies an eager anticipation for the development to be filled and to serve its anticipated role in enhancing Cumberland’s residential offerings.
