Concord Summit Capital Closes $10 Million in Financing to Complete Construction of Chicago Apartment Development

Rendering: Concord Summit planned project Chicago, IL

CHICAGO, IL and MIAMI, FL – 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.  

Any lender in the market can do this to achieve superior economics without elevating their risk,” said Eidson, Managing Director. 

Daniel Eidson

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 Lende“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. 

David Larson 

“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.

Contacts:

Todd Templin, 

BoardroomPR

ttemplin@boardroompr.com

954-370-8999

  

Daniel Benjamin

Account Director

dbenjamin@boardroompr.com

C 954-618-8287

O 954-370-8999

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