Concord Summit Capital, LLC (“Concord Summit”) arranged $26.8 million of total construction financing for Del Prado Place, a mixed-use condominium development in Dana Point, Calif., a coastal community located in Orange County, about halfway between Los Angeles and San Diego.  Concord Summit sourced a $17 million Senior Construction loan and $9.8 million in CPACE financing.

Del Prado Place will offer 18 spacious one- and two-bedroom condominiums with expansive outdoor terraces, Pacific Ocean views, as well as 5,200 square feet of ground-floor retail.  Unit prices start at $1.75 million.  The project is prominently located within the Lantern District of Dana Point and a half mile from the $500 million revitalized Dana Point Harbor.



The developer, Newport Beach-based Westerre, is a privately-owned real estate development, strategic planning, and acquisition/disposition advisory company focused on mixed-use and residential development opportunities in California and throughout the United States.



Concord Summit Capital Director Tyler Beauregard sourced the financing on behalf of the developer. 



“This is our second CPACE / Senior Construction loan execution with Westerre. While this dual-loan execution can be very challenging and complex, incorporating CPACE into the capital stack allowed us to provide our sponsor with the lowest possible cost of capital along with significantly higher proceeds than a traditional stretch senior construction loan. Having completed several transactions with this quality CPACE-friendly construction lender, it allowed us to structure a very attractive financing package on behalf of our borrower,” Beauregard said.



Construction of Del Prado Place will begin in mid-January and completion is expected in the second quarter of 2025.

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.

MIAMI, FL (April 18^th, 2023) - Concord Summit Capital, LLC (“Concord Summit”) arranged a $50 million construction loan and $10 million of preferred equity for a multifamily development in Hollywood, Florida. David Larson, Keegan Burger, and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing.

The funds will be used for the construction of a 180-unit apartment development located in the core of Hollywood’s entertainment district – within proximity to Hollywood Beach, I-95, and numerous education, employment, and shopping centers. Developed by The Calta Group, in partnership with Gilu Holdings and Development, the 7-story project will be built to Class A standards. The project is expected to be delivered in Q1 2025.

The Calta Group has built and managed over 1 million square feet of commercial real estate and has over 45 years of development experience. Gilu Holdings and Development has built over 1 million square feet of commercial real estate and has yielded over $259 million in total project value.

“The location and strength of sponsorship, in combination with the increasing demand for South Florida multifamily, allowed the borrower to maximize pricing and terms for the project. The team at Calta and Gilu were a pleasure to work with and we are look forward to many more projects with them in the future,” said Larson.

Kissimmee condo-hotel receives $54 million loan and Winter Garden multifamily development secures $55 million in financing

ORLANDO/MIAMI, FL (August 2, 2022)- Concord Summit Capital, LLC (“Concord Summit”) arranged two construction loans totaling $109 million in the Greater Orlando Area. Managing Director Kevin O’Grady, Director Justin Neelis and Senior Analyst Daniel Rojo of Concord Summit’s Miami office was the exclusive advisor and sourced the financing on both.  

The first is a $55 million construction loan for The Registry at Grass Lake, a 320-unit market-rate apartment community in Winter Garden being developed by L.M. Sandler & Sons.  The lender is American Momentum Bank.  Located at 14544 Avalon Road, the development will have a pool and clubhouse, concierge service, bike storage and outdoor grills. Construction will begin soon.

In the second transaction, Concord Summit arranged for Centennial Bank to provide a $54 million loan to build Embassy Suites at Sunset Walk, a 300-unit, for-sale condominium hotel project in Kissimmee. The developer, Encore Opportunity Fund, is offering buyers furnished and designed studio, one, -and two-bedroom condo hotel residences priced from the high $300s.  Construction has already started.   

“Hospitality and multifamily asset classes continue to perform well in Florida due to robust in-migration and a spike in post-pandemic tourism in the state,” O’Grady said.

Concord Summit has financed all of Encore’s components within its Sunset Walk entertainment masterplan community. This is the third loan Concord Summit has arranged in Sunset Walk in the last 12 months. In August 2021, the firm refinanced the original construction financing of the Margaritaville Resort, which is the centerpiece of the development, with a $98.39 million loan from Starwood Property Trust. They also sourced the construction financing for the Sunset Walk Apartments in October 2021 with a $60.3 million construction loan and preferred equity investment.

“Despite rising interest rates and inflation, lenders are still open to financing quality projects backed by developers who are well capitalized and have experience building in all kinds of market cycles,” Neelis said.  “The borrowers in our two recent Orlando deals are good examples of that.”

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 Concord Summit Capital, LLC (“Concord Summit”) arranged a $70 million bridge loan to the developer of a 376-unit luxury apartment community in the suburbs of Buffalo, New York.  Buffalo-based Rane Property Management LLC has already completed the 232-unit first phase of Heron Pointe Apartments and is currently building out the final 144 units, which should be delivered in the third quarter of 2022.

The new financing package will be used to pay off a construction loan.  TPG (NASDAQ: TPG) provided the three-year, non-recourse loan.  The financing closed on April 19.

Concord Summit Managing Director/Partner Kevin O’Grady, Director David Larson, Associate Keegan Burger and Senior Analyst Daniel Rojo from the Miami office, sourced the financing on behalf of the borrower, Rane Property Management.

“Rane Property Management and its owner, Tony Cutaia, have been a pleasure to work with,” O’Grady said.  “Tony builds to an exceptional standard of quality and demonstrates a deep knowledge of his markets and products. It was also great to close another transaction with TPG, as we have enjoyed working with them over the years and will always consider them to be a knowledgeable and reasonable source of capital.”

Rane has developed more than 1,600 multifamily units in the upstate New York region, with another 1,600 in the pipeline in Tennessee, Florida and South Carolina, among other markets.

Heron Pointe Apartments is located on Grand Island, wrapped by the Niagara River, between Buffalo and Niagara Falls.  It offers one, two and three-bedroom units that feature gourmet kitchens with granite countertops, attached garages, luxury flooring, private entrances and covered patios.  Amenities include a large clubhouse with a coffee room and state-of-the art fitness center, an in-ground heated saltwater pool, dog park, playground and cabana with barbecue grills.

The community is minutes away from downtown Buffalo and the Canadian border, with easy access to popular parks, entertainment and dining options.

“We were pleased to find the right financing solution for Rane on its Heron Pointe development and look forward working with the company on future closings for its growing portfolio,” Larson said.

MIAMI and ORLANDO, FL (Oct. 8, 2021)- Concord Summit Capital, LLC (“Concord Summit”) successfully arranged more than $60 million in construction financing for Sunset Walk Apartments in Kissimmee, Florida. Longtime Concord Summit client, Encore Capital Management (“Encore”), is developing the 352-unit Class A residential project within the master-planned community of Sunset Walk.

The transaction closed on Oct. 4. It includes a $45.59 million senior loan and $14.75 million in preferred equity. Initial site work on the project is underway.

Concord Summit’s Managing Director Kevin O’Grady, Director Justin Neelis and Senior Analyst Daniel Rojo sourced the financing on Encore’s behalf.

Located at 8000 Fins Up Circle, Sunset Walk Apartments’ 352 units will be constructed within three and four-story buildings, with surface parking for residents. It will feature 152 one-bedroom apartments ranging from 739 to 886 square feet, 164 two-bedroom units ranging from 1,026 to 1,180 square feet and 36 three-bedroom apartments ranging from 1,253 to 1,324 square feet. Each unit will have high-end finishes and modern flooring.

The community, which is the second multifamily phase of the broader mixed-use development, will feature a fitness and yoga center, pool, club room, and business center.

Encore originally acquired the Sunset Walk site in 2013 and completed several components in the years since, including a 184-room Margaritaville Resort Orlando, 631 Margaritaville-branded cottage homes, more than 192,000 square feet of retail and restaurant space at Promenade at Sunset Walk, and the Island H20 Water Park.

Apartment residents will have full access to the resort’s amenity base, inclusive of the Fins Up Beach Club and restaurant offerings. They will also receive discounts at the Promenade at Sunset Walk’s retail shops and the water park.

In August 2021, Concord Summit also completed a $98.39 million refinancing for the Margaritaville Resort Orlando on Encore’s behalf.

“It is exciting to close another successful transaction at one of Encore’s signature master-planned developments in Florida,” O’Grady said. “This new project accommodates the intense demand for new high-end apartments in the area and complements the other uses within Sunset Walk.”

“The team at Concord Summit has routinely proven that they can get a deal done with the right finance and investment partners offering the most competitive terms in the market,” said Art Falcone, co-founder and managing principal of Encore Capital Management. “With this deal closed, we can move forward with building out our next phase of residential units and be closer to completing this world-class entertainment destination.”