DANA POINT, CA - 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.
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 $23 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.
To get in touch, please contact Tyler Beauregard at tbeauregard@concordsummit.com or 303-810-8559. For more details, please see www.ConcordSummit.com