February 7, 2023 at 6:00 am · Shelly Clark · Comments Off on MEREDA Recognizes Four Exceptional Individuals for Their Contributions to Real Estate Development and Policy in Maine

MEREDA Recognizes Four Exceptional Individuals for Their Contributions to Real Estate Development and Policy in Maine

On January 26, 2023, the Maine Real Estate and Development Association (MEREDA) recognized four exceptional individuals for their significant and lasting contributions to real estate development in the State of Maine. The awards were presented in person at this year’s Forecast Conference at the Cross Insurance Arena attended by close to 800 real estate professionals.

Click here to watch the awards ceremony.

Josh Fifield was selected for this year’s Robert B. Patterson Jr. Founder’s Award, for his extraordinary commitment and dedication to MEREDA over the years.

Fifield is a Vice President of the Business Insurance Department at Clark Insurance, where he works with business owners to identify their risks to help protect their hard work, assets, employees, and most importantly, their families. Active in the community, Fifield has coached a variety of youth sports and has been the Safety Director for Portland Little League.

In 2014, Fifield started volunteering with MEREDA as a committee member on the Marketing & Membership Committee. He then joined the Board of Directors in 2017, a year he was also recognized with MEREDA’s Volunteer of the Year Award. Over the years, Fifield has also co-chaired the Membership Committee and recently served as President from 2020-2022. It was his steady hand that guided the organization during a time of unprecedented uncertainty and upheaval. Even with those challenges, in Fifield’s tenure, MEREDA saw financial stability and growth in membership. He continues to serve on MEREDA’s Membership and Executive Committees. MEREDA is grateful for Fifield’s unwavering dedication and leadership!

The MEREDA Public Policy Award is presented each year to an individual whose efforts have made a significant impact on public policy changes that benefit responsible real estate development and ownership in Maine. This year we recognize Senator Matt Pouliot for his leadership in housing creation policy, and for his support of MEREDA’s efforts.

Senator Pouliot has been a steadfast supporter of MEREDA policy priorities, including his help in maintaining the Maine Historic Rehabilitation Tax Credit, his support for the establishment of a Commercial Property Assessed Clean Energy (CPACE) program, his vote for the 2022 Housing Act, and his sponsorship of two MEREDA priority legislation items for the 131st Legislature. Additionally, Senator Pouliot has recently risen as a leader in bipartisan discussions about smart public policy to help curb Maine’s housing crisis. Last fall, he served on the Legislature’s recent Commission to Increase Housing Opportunities in Maine by Studying Land Use Regulations and Short-term Rentals – the final report of which is the starting point for the work of the new Joint Select Committee on Housing, which Senator Pouliot was instrumental in establishing.

Senator Pouliot is also a leader in real estate sales and development in Kennebec County and beyond. Most notably, he has helped revive the historic Water St. corridor in Augusta through redevelopment of downtown properties, including the New Purington Brothers Block, which won a 2022 Maine Historic Preservation Award. His support for responsible real estate development, approach to policy making, and service as a leader both in the legislature and in his hometown of Augusta make Senator Pouliot a clear choice for this year’s Public Policy Award.

The Volunteer of the Year Award is awarded to those who generously share their time, talents, and energy with MEREDA. This year we honor the contributions of Ben Brennan.

Ben Brennan is a Senior Sales Executive for KONE Elevators, located in South Portland. Responsible for new equipment business development and project management, Brennan partners with stakeholders of new and existing real estate developments in Maine, New Hampshire, Vermont, and Massachusetts.

With MEREDA, Brennan was an active and engaged participant on DevelopME’s Committee early on, which led to him serving as co-chair from 2020 – 2022. In this role, he worked to engage membership and create professional development opportunities within the organization for the next generation of industry professionals. In 2021, Brennan started serving on MEREDA’s Board of Directors, where his can-do attitude and interest in MEREDA’s initiatives became even more evident. More recently, he joined the Local Issues Committee, and demonstrated his commitment by asking to become co-chair! Brennan is happy to lend a hand when asked and has become a great addition and vocal advocate of MEREDA. MEREDA looks forward to working with him for many years to come!

The President’s Award is given by MEREDA’s current President, Craig Young of The Boulos Company, in recognition of someone who has made significant contributions on MEREDA’s behalf. This year’s President’s Award goes to Shelly Clark, for her enduring contributions to MEREDA.

Clark started with MEREDA in January 1997. That year the Forecast Conference had only 105 people in attendance. Clark has helped grow that event and MEREDA into what it is today. Now, serving as MEREDA’s Executive Director, Clark manages all day-to-day operations, including coordinating educational programs, managing membership development, and providing support for board and committee activities. During the pandemic, Clark went beyond the call of duty. Working from home, she kept the organization going. She was there to help everyone who needed it, from planning online events to supporting membership efforts. In short, you simply cannot think of MEREDA without thinking of Shelly Clark. She is literally the heartbeat of this organization, and has been for more than 25 years.

Clark has been a vital colleague to a dozen MEREDA Presidents. As part of the award tribute, a few recent past presidents echoed Young’s praise for Clark and shared their thoughts in a brief video.

Clark is originally from Houlton and proud of her roots in The County. Always a hard worker, she recalls waking up at 4am picking potatoes at the age of 7 so she could get the “Dorothy Hamill” haircut at the Bangor mall. She now lives in Portland with her husband Alan. Clark has always said that she has the best job in the world and that if she weren’t doing this she’d be singing and touring with a band. MEREDA is so lucky to have Clark as our lead singer…she does it all, she does it well, and we simply couldn’t get along without her.

MEREDA congratulates these four exceptional members, and thanks every volunteer whose contributions of time and talent make the association’s continued success possible.

Below:  MEREDA President, Craig Young, Ben Brennan of KONE Elevators, Shelly Clark, MEREDA Executive Director, Josh Fifield, Clark Insurance, Senator Matt Pouliot.

January 10, 2023 at 6:00 am · Shelly Clark · Comments Off on MEREDA Kicks Off 2023 With Its Forecast Conference

MEREDA Kicks Off 2023 With Its Forecast Conference

On Thursday, January 26, 2023, leaders from across Maine’s real estate industry will gather for the Maine Real Estate & Development Association’s (MEREDA’s) Forecast Conference and Member Showcase. This annual event will take place at the Cross Insurance Arena in Portland, and can also be streamed online. Is the housing market cooling down? How has inflation impacted the retail market? Is the industrial sector still booming? Anyone curious about these questions and what industry experts see for the future of Maine’s real estate economy will find the Forecast Conference a day full of insight and thoughtful presentations.

“The Forecast Conference kicks off the year in a great way,” shares MEREDA President Craig Young. “It’s where you have meaningful conversations, learn from other professionals, and connect with the people in our state who are driving responsible development. There’s no other place to be on January 26th!”

MEREDA’s Annual Forecast Conference is geared towards builders, developers, brokers, attorneys, architects, engineers, municipal leaders, bankers, and accountants, to name a few. Continuing Education credits will be available. Along with presentations from real estate leaders across various sectors and a keynote address on housing policy from Greg Payne, a Senior Advisor at the Governor’s Office of Policy Innovation and the Future, the conference will also include a member showcase with exhibitions from local businesses. MEREDA’s mission is to promote responsible development in the state of Maine and is why they work hard to provide opportunities for people to learn and connect with other industry professionals.

According to Shelly R. Clark, MEREDA’s Executive Director, MEREDA’s Forecast Conference will be held at the Cross Insurance Arena on January 26 from 9am to 5pm. The event will also be available online. Registration is available at MEREDA.org. Event sponsors include, TD Bank, Mainebiz, The Downs managed by Maine Properties LLC, Bangor Savings Bank, FirstPark Business Park, Haley & Aldrich, Landry/French Construction, Partners Bank, and Pierce Atwood.

REGISTER TODAY! 

December 6, 2022 at 8:00 am · Shelly Clark · Comments Off on Maine is readying new public-private financing tool to facilitate “green” development

Maine is readying new public-private financing tool to facilitate “green” development

Commercial property assessed clean energy (C-PACE) financing has enabled at least $2 billion of energy-saving upgrades in other states, but Maine bankers fear it will bring added risk to mortgage lenders.

Maine officials are finalizing a new statewide program that will allow commercial property owners and developers to finance energy-saving building upgrades at a lower annual cost through public-private partnerships among property owners, lenders and municipalities.

Known as commercial property assessed clean energy (C-PACE) financing, the program was authorized by Maine lawmakers in 2021 via the passage of LD 340. Rulemaking is being conducted by Efficiency Maine Trust, which will administer the C-PACE program, and that process is expected to be completed in the next few months.

C-PACE programs are designed to make it more affordable for property owners to finance energy-saving building upgrades through an innovative lending structure. Traditionally, construction and retrofitting of commercial buildings is financed with real estate loans whose repayment terms typically range from five to 10 years with a balloon payment due at the end. In contrast, C-PACE programs only cover the cost of energy-saving upgrades, offer terms of 15 to 30 years and are fully amortized with no balloon payment at the end.

At least two dozen states and the District of Columbia have active C-PACE programs in place. Those programs have resulted in more than $2 billion in private capital investment in energy-saving commercial building upgrades, according to the U.S. Department of Energy.

Connecticut was the first state to launch a C-PACE program in 2013. Since then, the state’s program has financed more than 350 green construction projects valued at over $230 million in total. Those projects have prevented an estimated 927,000 tons of carbon dioxide from being emitted, the rough equivalent of taking 185,000 cars off the road.

Some Maine developers say C-PACE will be the most significant new commercial real estate financing tool introduced in the state in decades. It can be used to finance the energy-saving features of new buildings or upgrades to existing structures. The program’s goal is to facilitate a more rapid shift toward energy-efficient buildings in Maine, where many older commercial properties such as apartments, offices and hotels lack modern energy-saving features.

Heating, cooling and lighting of buildings is responsible for 30 percent of Maine’s greenhouse gas emissions, according to the Maine Climate Council. Homes emit 19 percent, while commercial buildings account for 11 percent.

“We’re excited about the potential impact of the C-PACE program and think it’s going to help resolve significant problems in the market,” said James Neal, senior program manager of finance initiatives at Efficiency Maine.

But the C-PACE program is not without controversy. The Maine banking industry lobbied against the program’s enabling legislation and has expressed skepticism about the benefits of C-PACE financing compared with more traditional construction loans.

Under Maine’s program, a property owner’s mortgage lenders must agree to participate in any deals because C-PACE lenders get priority to collect past-due payments in a foreclosure. For that reason, it’s unclear how effective Maine’s program will be in terms of spurring green development. But developers point to banks’ acceptance of C-PACE deals in other states as cause for optimism.

Mark Stasium, director of commercial real estate lending at Camden National Bank, said the industry is still “trying to get its arms around” the potential risks and benefits of Maine’s new C-PACE program.

“As a general rule, bankers don’t like liens that have priority over our mortgages,” he said. “In a default situation, the C-PACE loan is going to have priority over the bank.”

The Maine Real Estate & Development Association (MEREDA) is hosting a breakfast panel from 7:30 to 9 a.m. Thursday, Dec. 8, at Holiday Inn By the Bay in Portland to discuss the new program. Panelists will include Michael Doty of Nuveen Green Capital, the nation’s leading C-PACE loan provider, James Neal of Efficiency Maine and Mark Stasium of Camden National Bank. The panel will be moderated by Paul Peck, founder of LWS Development and attorney at Drummond & Drummond.

Peck said Maine’s development community and property owners are thrilled the state enacted a new financing tool to help further its energy-efficiency goals.

“C-PACE will give developers and property owners another financing option, which will help get new development projects started and existing properties brought up to current energy-efficiency standards,” he said. “Given the huge spike in commercial interest rates, another financing tool is just what developers and property owners need.”

C-PACE financing is conducted through private lenders but is separate from a property’s other mortgage loans. With C-PACE financing, the responsibility for continued loan repayment is attached to the property itself and can be transferred to the property’s new owner in the event of a sale.

The building owner’s local municipality must have opted into the C-PACE program via a local ordinance, since it will be involved in attaching the debt to the property. The cities of Portland, South Portland and Westbrook already have potential C-PACE projects in the pipeline, although no local ordinances will be considered until after the rulemaking is completed.

Michael Doty, director of originations for New England at Nuveen Green Capital, said hundreds of cities and lenders in other states have come around to embracing C-PACE financing once they became more familiar with how the programs work.

He said C-PACE financing not only can help reduce Maine’s greenhouse gas emissions but also facilitate affordable housing development by making green multifamily projects feasible that otherwise wouldn’t be. Doty aims to convince more Maine lenders and municipalities to get on board.

“It can never be used in circumstances where the local bankers and municipalities aren’t comfortable with it,” he said.

November 29, 2022 at 8:00 am · Shelly Clark · Comments Off on MEREDA Inducts Four Exceptional Individuals to Honorary Board as Directors Emeritus

MEREDA Inducts Four Exceptional Individuals to Honorary Board as Directors Emeritus

PORTLAND, Maine — On November 3, 2022, the Maine Real Estate and Development Association (MEREDA) inducted four exceptional individuals to their Honorary Board as Directors Emeritus. The MEREDA Board of Directors established the Honorary Board in 2003 as a way to recognize an exclusive group of individuals who, during their careers, have made significant contributions to MEREDA and to Maine’s commercial real estate industry. The induction ceremony took place during MEREDA’s 37th Anniversary Gala at Ocean Gateway in Portland.

MEREDA’s Board outlined the following criteria for individuals to be nominated to the title of Director Emeritus: nominees must have previously served as an officer of MEREDA or a member of its Board of Directors; they must be active and well-recognized in Maine’s commercial real estate industry; and they must have made significant contributions to MEREDA and Maine’s commercial real estate industry throughout their careers. This year’s Directors Emeritus Honorees include Drew E. Swenson, Dana Totman, Larry Wold, and Renee Lewis.

“Since 1985, MEREDA has been promoting opportunities that help our communities and our State thrive,” says MEREDA President Craig Young. “Reflecting on 37 years of MEREDA also means reflecting on 37 years of exceptional member volunteerism and engagement. Our four Directors Emeritus Honorees are outstanding examples of this kind of contribution; all have made an indelible mark on Maine’s real estate industry and have had a big impact on MEREDA and its mission to promote responsible development.”

For more information on each recipient, click here.

MEREDA’s 2022 Director Emeritus Honorees:
Larry Wold, Renee Lewis, Dana Totman, and Drew Swenson