Luxury Condominium Development Sold at Bankruptcy Auction in Cumberland

CUMBERLAND, Maine — A 45-unit luxury condominium development, known as The Mark at Cumberland Foreside, was sold through a court-ordered bankruptcy auction for $15.7 million on September 17. The buyer, Builders Capital Finance LLC, based in Denver, secured the deal after the development faced financial difficulties during its construction.

The four-story building, located on U.S. Route 1, includes 24 one-bedroom and 21 two-bedroom units. It was constructed at a cost of over $20 million and covers a substantial 64,795 square feet on more than three acres. The building is equipped with various amenities, including heat pumps, security systems, a gym, storage for residents, and a parking garage on the bottom level.

Despite its upscale features, the project encountered significant financial turbulence during construction. William Longley, Cumberland’s code enforcement officer, stated that construction began in December 2022 but was stalled when the developer ran out of funds. “One of the lenders stepped up, paid off all the liens so the contractors came back and finished what needed to be done,” Longley explained.

The project had roughly $2 million in liens filed against it, records from the Cumberland County Register of Deeds show. Fortunately, these liens were discharged, allowing the completion of the building. Longley mentioned that the construction wrapped up in October or November 2024, and the building has now received a certificate of occupancy, but it remains unclear when the first residents might move in.

The new ownership will have the choice to either rent the units or convert them into condominium units. Current listings indicate rental prices ranging from $399,000 for one-bedroom units to $739,000 for two-bedrooms. “The town’s desire is just to have it occupied,” Longley added, indicating the crucial need for housing in the area.