Concord Summit Capital, has arranged a $34 million bridge loan for Zoe Apartments, a newly constructed 214-unit multifamily community in Waco, Texas.

David Larson and Keegan Burger, of CSC’s Miami office, secured the financing on behalf of Surge Investment Group, a Utah-based real estate development firm. The loan was structured at 80% loan-to-value (LTV) and closed in just 30 days, providing the sponsor with the lease-up runway necessary to achieve stabilization. The financing solution is designed to bridge to a long-term HUD takeout loan once the property reaches stabilized occupancy. The structure includes no exit fee, and all fees related to the future HUD takeout will be waived.

Situated on a 10.3-acre site along Interstate 35, Zoe Apartments delivers a thoughtfully designed community featuring six three-story residential buildings with 172,782 net rentable square feet. The development offers a mix of one- and two-bedroom residences complemented by resort-style amenities including a swimming pool with pool house, clubhouse, BBQ grilling areas, two pickleball courts, a fenced dog park, and landscaped outdoor spaces.

“The developer built a true Class-A project that leased up at rates exceeding expectations. The lender provided a great deal of flexibility in their execution. The property sits in a sub-market with few assets of this quality to compare against, and the team at Concord Summit appreciates both the borrower and lender in their efficient execution for this loan,” said Larson, Managing Director at CSC.