Since you haven't started the project yet, use this time to network with lenders to see who offers the best terms....seasoning, rate, leverage and pre-payment penalty terms. 

My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).

We are not the right choice for everyone, but we do help hundreds of investors every year start and progress their investing goals.

My dilemma has been that I've gotten a little behind on some revolving debt that selling this property now could eliminate in addition to giving me cash on hand to trade into some better value or start a new construction duplex project I've been wanting to start.

However, given the price points in NYC, I am looking to southern CT so that I can start small for my first project.

Local PM here - we have multiple development projects we are gearing up to sell, both small multifamily and townhouses should you want to take a peak at them.

That said, I wouldn't let projecting rates factor into my decision as much as whether or not you want to pull the extra $$ out.

I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals. 

Sounds like an interesting project but I am sure there is more to the story.

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name?