Preston Hollow Community Capital Purchases Rock Row in Westbrook, Maine for $85.7 Million

by Channing Hamilton

WESTBROOK, MAINE — Preston Hollow Community Capital has purchased $85.7 million in tax-exempt revenue bonds issued by the Finance Authority of Maine. Proceeds from the bond will be used to fund the development of a mixed-use development in Westbrook known as Rock Row. Piper Sandler & Co. served as sole underwriter for the bonds. Kutak Rock LLP served as bond counsel and authority counsel. Jensen Baird Gardner & Henry LLP acted as counsel to the city of Westbrook. Bernstein, Shur, Sawyer & Nelson P.A. served as the underwriter’s counsel.

Situated on a 65-acre site, Rock Row will comprise 2.7 million square feet at build-out. The project will offer up to 1,000 residential units, a life science and medical campus anchored by an affiliate of the Dana-Farber Cancer Institute, retail and restaurant space, two hotels, office space, an event venue and a public trail system. A timeline for the multi-phase development was not disclosed.

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