Concord Summit Capital Closes $32.6 Million of Total Construction Financing for ShoreHouse

Luxury Mixed-Use Condominium Development in Huntington Beach, California

HUNTINGTON BEACH, Calif., April 19, 2023 /PRNewswire/ -- Concord Summit Capital, LLC ("Concord Summit") arranged $32.6 million of total construction financing for ShoreHouse, a mixed-use condominium development on Main Street in Huntington Beach, Calif. Concord Summit sourced a $19.6 million senior construction loan and $13 million in CPACE financing.

ShoreHouse is the first new project to be developed on Main Street in Huntington Beach in more than 20 years. Conceived by JZMK Partners Architects, ShoreHouse is an artfully designed project that will be the first luxury condominium building of its kind delivered to the Huntington Beach market. It will offer 20 large one and two bedroom condominiums with expansive outdoor terraces as well as 5,000 square feet of ground floor retail. The project is prominently located along Main Street within walking distance to major shopping and dining destinations as well as the town's world-famous beach.

The developer, Newport Beach based C3 Development, is a privately-owned real estate development, strategic planning, and acquisition/dis-position advisory company focused on mixed-use and residential development opportunities in California and throughout the United States

Concord Summit Capital's Director Tyler Beauregard sourced the financing on behalf of the borrowers.

"Given the current lending and interest rate environment, construction financing has become challenging LTC parameters have been compressed and many traditional lenders are on the sidelines. By incorporating CPACE into the capital stack and were able to provide our sponsor with the lowest possible cost of capital and significantly higher proceeds than a traditional 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 our borrower" Beauregard said.

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 [email protected] or 303-810-8559. For more details, please see www.ConcordSummit.com

SOURCE Concord Summit Capital