PORTSMOUTH, N.H.— A large new multi unit apartment housing project in Portsmouth, NH is moving forward supported by nearly $96.8 million in construction financing arranged by JLL Capital Markets. The loan, provided by Truist Bank, will fund Prescott Post, a 360-unit apartment community being developed by Eastern Real Estate and The Kane Company.
The project will be built on a 26-acre site and consist of three- and four-story buildings offering 360 market-rate apartments. Plans include more than 2.7 acres of green space, walking paths, and a wide range of amenities such as clubrooms, co-working areas, a fitness center with yoga studio, outdoor kitchens, fire pits, and a dog park with a wash station. Apartment units will feature modern finishes including quartz countertops, stainless steel appliances, in-unit laundry, and oversized windows designed for natural light.
Situated near Pease International Tradeport, the large new multi unit apartment housing project in Portsmouth, NH is intended to help address rising housing demand fueled by strong regional job growth and limited supply. The Tradeport hosts more than 250 companies and approximately 10,500 employees, and the site is within walking distance of major retailers including Whole Foods, Trader Joe’s, and Market Basket. It also offers convenient access to I-95 and Route 4.
Portsmouth’s population has increased by more than 8% since 2010, supported by New Hampshire’s lack of a state income tax and the city’s strong quality of life. However, new housing construction has remained limited, with only about 460 multifamily units built in the city since 2014, contributing to a tight rental market.
Developers say Prescott Post is designed to help ease that pressure while meeting demand for high-quality housing in the Seacoast region. The community is also positioned near a range of walkable amenities, including grocery stores, retail shops, and dining options.
Eastern Real Estate broke ground on the project in October 2025, with the first apartments expected to be delivered by December 2026. Full completion is scheduled for late 2027.
“After nearly two years of planning, we’re proud to introduce Prescott Post—a new residential and community hub that will transform a vacant retail site and bring much-needed housing to Portsmouth,” said Toby Banta of Eastern Real Estate. He added that the project reflects strong collaboration with the city and the development team.
JLL Capital Markets’ financing team—led by Brett Paulsrud, Andrew Gray, and Hugh Doherty—arranged the deal. Paulsrud noted that Portsmouth’s strong economic fundamentals and limited new housing supply made the project attractive to lenders.
Truist Bank’s Rebecca Cox also said the bank was pleased to support the large new multi unit apartment housing project in Portsmouth, NH highlighting continued investment in New England communities.
Once completed, Prescott Post will add significant new housing capacity to one of New Hampshire’s most competitive rental markets, aiming to support both regional growth and housing demand.
