Concord Summit Capital Closes $23.5 Million in Construction Financing for Luxury Condominium Project in Coastal Maine
The Mark features 45 residences in Cumberland Foreside, one of the most desirable neighborhoods in the state
Cumberland, Maine/Denver, Colo. - (Sept. 27, 2023) – Concord Summit Capital, LLC (“Concord Summit”) has arranged $23.5 million of total construction financing for ‘The Mark’, a for-sale condominium development in Cumberland Foreside, an exclusive neighborhood near the coast in Cumberland, Maine. The financing includes a $17.8 million senior construction loan and a $5.7 million mezzanine investment. Concord Summit also sourced a future commitment for $5.5 million of C-PACE funding for the project.
Concord Summit Capital’s Managing Director Daniel Eidson, who works out of the company’s Denver office, sourced the financing on behalf of the developer, Mark McClure.
“Concord Summit continues to close construction loans in a challenged environment to provide high-leverage financing on projects nationwide,” Eidson said.
The Mark features a four-story, 45-unit property with units ranging in size from 620 to 1,327 square feet. Cumberland Foreside is well known for its robust housing market, having experienced 40% year-over-year price increases and an average household income of over $250,000. Cumberland is also consistently ranked as the most desirable place in Maine to live and raise a family. With proximity to Portland, Falmouth, and Yarmouth, Cumberland residents reap the benefits of a gorgeous coastline and a close-knit community while having easy access to Portland and all the benefits a larger city has to offer.
Developer Mark McClure founded Miami-based GenX Capital Partners in 2016. GenX is an advisory and investment firm that has successfully developed, co-developed and rehabbed residential subdivisions of 25 homes or more, multimillion-dollar luxury homes, and high-end boutique hotels. GenX currently has more than $300 million in multifamily, residential and hospitality projects in various stages of development.
“We could not have executed this complex senior and mezzanine loan structure without the commitment and sophistication of the development and lending team,” Eidson said. “The project was more than 40% complete at closing, and by providing the sponsor with a 92% LTC loan, we were able to finance 100% of the remaining construction costs and repay the existing land loan. We have also documented a mechanism for a future C-PACE investment to reduce overall borrowing costs.”
Construction of The Mark is expected to wrap up by Summer 2024.
