Portland / Missoula-based real estate firm raises $12.7M
BY Lori Valigra
Timbercroft Housing LLC has raised $12.74 million for an affordable housing project in Owings Mills, Maryland, according to a Securities and Exchange Commission filing. Listed on the equity filing is Bryan Shumway, who is a principal with Wishrock Investment Group. Wishrock in turn is a managing member of the Timbercroft Housing project. Shumway told Mainebiz that Wishrock buys and renovates low-income, multi-family housing throughout the country using the federal Low-Income Housing Tax Credit. “We are one of a half dozen companies like us in and around Portland that do the same thing,” he said. Among the other, unrelated Portland-based companies are The Eagle Point Properties, Silver Street Development Corp., SHP Acquisitions and Housing Initiatives of New England Corp. Shumway said Wishrock is based in Portland and Missoula because its principals like living in Maine and Montana. Wishrock employs 20-25 people, though it does most of its business, some 95%, outside of Maine and Montana, he said. The $12.74 million in equity will go toward developing and managing the 284-apartment complex in Maryland. It is primarily Section 8 housing, which in that state means occupants must not earn more than 60% of the area’s median income, Shumway explained. Enterprise Community Investment Inc., a syndicator of tax credits, also put money into the Timbercroft deal. Wishrock also invests in and develops affordable projects across the country. Wishrock Chairman Lyndel Wishcamper also is CEO of Wishcamper Properties and an owner of The Wishcamper Group and Preservation Inc., an aﬃliated company that manages 10,000 of Wishrock’s units in 18 states. Wishrock has acquired or developed more than $220 million worth of affordable housing in 10 states in the past 18 months, according to its website. Among Wishrock’s investments in Maine are Loring House and North School Apartments in Portland, Applewood in Camden, Academy Green in Bath, Baywood in Yarmouth, Follis Place in Eastport and Quarry RIdge Apartments in Freeport. Shumway says Wishrock also has joined President Obama’s Better Buildings Challenge to reduce energy use by 20% by 2020. The group committed 8 million square feet across 8,000 multi-family housing units.
© 2014 Mainebiz (Maine’s business news source)