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| Rendering: Concord Summit planned project Chicago, IL |
Any lender in the market can do this to achieve superior economics without elevating their risk,” said Eidson, Managing Director.
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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.
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| 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
954-370-8999
Daniel Benjamin
Account Director
dbenjamin@boardroompr.com
C 954-618-8287
O 954-370-8999
