KNOXVILLE, TN - Concord Summit Capital, LLC (“CSC”) has arranged a $44 million revolving construction financing package for Meadows at Pearson Springs, a 100-unit for-sale townhome community in Maryville, TN, a suburb of Knoxville.
Justin Neelis, Senior Managing Director of CSC, secured the financing on behalf of Home Development, Inc. (HDI), a well-known and respected local homebuilder. The capital structure allows the builder to fully fund vertical construction and repatriate equity at closing. The loan represents 67% loan-to-cost (LTC) of acquisition and site work already completed and 100% LTC of vertical construction.
Concord Summit procured the financing from a privately held national real estate lender and investment manager specializing in flexible capital solutions for residential development. This includes ground-up and construction completion loans for both for-rent and for-sale residential projects.
“Although capital for ground-up residential construction is more limited compared to existing assets, we continue to be successful in securing financing for experienced developers in strong markets,” said Neelis. “Our relationships with leading capital partners and expertise in structuring complex transactions enable us to continuously deliver creative, accretive capital stack solutions for entrepreneurial developers.”
Meadows at Pearson Springs will offer a two-level floor plan with 2,363 sq. ft. and a second version with a walk-out basement at 3,515 sq. ft. The development features modern designs and convenient amenities, with proximity to a quaint downtown with thriving local businesses. Townhomes will start at $525k and feature primary suites on the main level, full Bosch appliance packages, and stone fireplaces in the great rooms.
“We are especially proud to partner with Concord Summit Capital on this exciting community in the heart of Maryville, TN—nestled in the foothills of the Great Smoky Mountains. Justin’s persistence and attention to detail have been instrumental in bringing this vision to life,” said Rebecca Walls, president of HDI. “At a time when quality new-construction housing is needed more than ever, we are honored to combine our commitment to craftsmanship with our love for East Tennessee to help meet that need in a way only HDI can. We believe this is just the beginning of something truly special.”