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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JLL Capital Markets leads $6 million financing efforts for Benjamin Square, a 60-unit affordable housing community in Eaton, CO

Benjamin Square, a 60-unit affordable
 housing community in Eaton, CO

  

DENVER, CO – JLL Capital Markets has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton, Colorado.

 

Brock Yaffe

JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. 

JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving affordability at Benjamin Square for 20 years.

The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

 

Benjamin Square consists of 10 single-story buildings that are 100% Section 8 / affordable housing. The property was completed in 1979 and 1980 and offers all one-bedroom units. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area.

Tony Nargi.

Located at 55 Juniper Ave., Benjamin Square is close to downtown Greeley, Colorado, and about an hour north of Downtown Denver. 

The 2.86-acre site is adjacent to Eaton Elementary School, Middle School and High School is a primarily residential area of the community.

 

JLL’s Debt Advisory team representing the borrower was led by Managing Directors Brock Yaffe and Tony Nargi.

 

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Contact:

 

 Kristen Murphy

JLL Director

 Public Relations

Phone: +1 617 543 4873

Email:  Kristen.Murphy@jll.com

 

Brikwell.com.

 jll.com