REAL ESTATE AUCTION
Pursuant to Business and Consumer Court Order
In the Matter of: Coastal Realty Capital, LLC
Docket No. BCD-CIV-2022-00032
Historic West End Residential Development
32 Thomas Street Condominiums
Selling in the Entirety
PORTLAND, MAINE

Qualifying Bid Deadline is Monday, September 11, 2023 at 5PM

Current Stalking Horse Bid is $3.5Million. Next Qualifying Bid has to be $3.55Million

The Keenan Auction Company, Inc. is pleased to have been selected to administer the auction event for the 32 Thomas Street Condominium project located in Portland’s Historic West End. Please review the Summary of Terms listed below to learn how to qualify for the live auction that will be held on site at 32 Thomas St., Portland, Maine on Friday, September 15, 2023 at 11AM. All live bidders must be qualified on or before the deadline of September 11, 2023 at 5PM in order to participate in the live auction.

Overview: The 32 Thomas Street Condominium is a high end residential project that has been partially developed within the historic and former Williston-West Church complex. There are currently (5) completed units and potential to develop (6) additional units and indoor parking. The complex is of High Victorian Gothic design with the church section having been designed by Francis H. Fassett and the Parish house section having been designed by John Calvin Stevens and his son, John Howard Stevens. The historic property is listed on the National Register and is located within the West End Historic District.

Summary of Terms

The following information is a brief summary of the terms of the sale and they are subject to the terms that are contained within the Court Order and Counter-Offer Agreement that are included in the Property Information Package ("PIP") and as separate download files. To access the Property Information Package and download page visit KeenanAuction.com

Important Date: Monday, September 11, 2023 at 5:00 pm EST is the deadline for submitting a Qualifying Counter-offer that once approved would allow the Offeror to participate as a Bidder in the Live Auction.

Property Being Sold: Historic West End Residential Development known as 32 Thomas Street Condominiums consisting of (5) completed units, development rights for (6) additional units, .41+/- Acres, Tax Map U62, Block E, Lots 5-1 thru 5-7. Selling in the Entirety. Three units are currently rented to tenants at will.

Project Address: 26-38 Thomas St. and 2-8 Carroll St., Portland, Maine

Court Order: The sale and auction of the property being offered is subject to the attached CORRECTED ORDER GRANTING RECEIVER'S MOTION TO APPROVE FORM OF NOTICE, BID PROCEDURES AND STALKING HORSE PROTECTIONS dated August 9, 2023, which order was granted by the Business and Consumer Court, Cumberland County Maine, Docket No. BCD-CIV-2022-00032, In the Matter of: Coastal Realty Capital, LLC (a/k/a Maine Capital Group, LLC).

Existing Offer: There currently exists an offer to purchase the subject property for the amount of $3,500,000.00 with stalking horse protections having been approved by the court. Please reference the Purchase Agreement and Court Order that are contained in the property information package for complete terms of offer.

Qualifications to Participate in the Live Auction: In order to be qualified to become a bidder at the live auction, a potential bidder must submit a Qualified Counter-offer on or before the deadline of September 11, 2023 at 5:00 pm EST. The Qualified Counter-offer shall be submitted on the form provided by the Receiver, which form is included in the auction property information package. The minimum qualifying price for such Counter-offer shall be $3,550,000.00. The Counter-offer shall be accompanied by an earnest money deposit equal to $100,000.00 in good funds, made payable to Jason Mills as Receiver for Coastal Realty Capital, LLC. The Counter-offer and the earnest money deposit shall be delivered to Jason Mills, 22 Monument Square, Suite 401, Portland, Maine 04101 with a copy filed with the Court on or before that day. The Counter-offer is subject to all of the terms listed within the Court order including, but not limited to, Counter-offeror shall provide evidence of financial capacity to perform under counter-offer, a commitment to pay a buyer’s broker commission to the Bean Group, and close on the purchase on or before the later of: (a) October 19, 2023; (b) 14 days after an order enters confirming the sale; but in any event not later than November 30, 2023.

Live Auction: Any qualified offeror who has been approved by the Receiver may participate as an auction bidder at the Live Auction, which has been scheduled to take place on Friday, September 15, 2023 at 11AM
The auction will be held at the subject property at 32 Thomas St., Portland, Maine.