MIAMI, FL - Concord Summit Capital ("Concord Summit" or "CSC"), a leading intermediary between sponsors and capital providers for commercial real estate debt and equity financing, arranged a $115.5 million construction loan for Collins at Union Park, a premier 457-unit luxury multifamily community in Fort Collins, Colorado. The debt was structured on a non-recourse basis at an 88% loan-to-cost ratio.
Collins at Union Park is a thoughtfully designed residential development featuring upscale apartments and carriage homes. Planned amenities include a clubhouse, pool, golf simulator, playground, parks, trails, and gathering spaces. Ideally situated within walking distance of Front Range Village Shopping Center, the community offers residents convenient access to shopping, dining, entertainment and recreational amenities in one of Northern Colorado's fastest-growing markets.
Site work is underway, and vertical construction is expected to start immediately at the project site located on Un Pk Ave in Fort Collins, CO 80525.
The financing was arranged by Senior Managing Director Daniel J. Eidson, CFA, Director Keegan Burger and Senior Analyst Ben Applebaum on behalf of the project sponsor, Livmark Communities.
"We successfully structured one loan facility to combine two phases into a single development, while negotiating a meaningful rate stepdown upon completion," said Eidson. "This structure effectively transitions into a competitively priced bridge loan, allowing the sponsor to carry the project through lease-up and stabilization without the cost and execution risk of a separate refinancing."
“We are continuing to close construction loans nationwide despite perceived negativity around the future of the multifamily sector and a lack of institutional equity supporting development,’ said Kevin O’Grady, Concord Summit Chairman and Partner. “The team is highly effective and truly best-in-class.”