Luxury property to feature rooftop amenities, outdoor pool and terrace and co-working spaces
Concord Summit Capital, LLC (“Concord Summit”) has closed on $10 million in mezzanine financing for a luxury multifamily community in Chicago, Illinois. The funds will be used to help the developer complete the construction of the project.
The financing, which involved a senior loan with a C-PACE component, was arranged by Concord Summit’s Daniel Eidson, David Larson and Keegan Burger, on behalf of the Lender.
“Combining C-PACE with a senior/mezz structure allowed the lender to leverage their existing loan commitment to a better return profile without increasing leverage or pricing. Any lender in the market can do this to achieve superior economics without elevating their risk,” said Eidson, Managing Director. “The lender utilized C-PACE as an ‘a-note’ at 30% LTC. The retained senior loan represented 59% LTC with a mid-teens rate and the mezzanine represented 70% LTC with a rate in the 20’s.”
The rental project will feature expansive rooftop amenities, including a fitness center, lounge, and game room; private event space; outdoor pool and terrace; and ground floor co-working space for residents.
About Concord Summit Capital
Concord Summit Capital is a leading intermediary between sponsors and providers of capital for commercial real estate debt and equity financing. CSC provides three independent services across its investment platform. The Concord Summit Capital Advisory Team provides fee-based advisory services for debt and equity transactions for commercial real estate capitalizations, ranging from $3 million to $1 billion. The Advisory Team has arranged over $25 billion of debt, structured financing, and equity. The Concord Summit Capital Investment Team acquires distressed assets and non-performing loans from all banks and financial institutions across the nation. The Concord Summit Capital Fund Team invests in commercial real estate debt and equity structures in transactions ranging from $2 million to $35 million. For more details, please see www.concordsummit.com.
