Complex Financing Paves the Way for Lincoln Mill Transformation
The Lincoln Mill is a large-scale project underway to convert the historic Lincoln Mill in Biddeford, Maine into 148 apartments and a boutique hotel expected to be completed in phases in 2021 and 2022. The property is owned by LHL Holdings, LLC, a venture of Eric Chinburg and Tim Harrington and is located in the City’s rapidly revitalizing mill district. Financing for this development project involved a mix of federal and state historic tax credits, construction and permanent financing from Newburyport Five Cents Savings Bank and several participating banks, subordinate financing from the Maine Rural Development Authority and Southern Maine Planning and Development Commission and several individuals as mezzanine lenders and equity investors. The City of Biddeford also played a significant role by providing tax increment financing and other development assistance. Attorneys John Kaminski and Peter Klein represented the developers.