Concord Summit Capital, a real estate investment banking company, closed on $83 million in construction financing for completion of a mixed-use residential and retail project in New Rochelle, N.Y. The loan was originated by 3650 REIT, an alternative lender, special servicer and solutions provider focused on originating, servicing and asset-managing commercial real estate loans and providing fixed income to global institutions. The project, located in a New York City suburb, features more than 300 apartments, parking and street-front commercial space in a walkable and transit-accessible location.
The financing was arranged by Concord Summit Capital advisers Justin Neelis and Keegan Burger.
The loan was sourced on behalf of the existing senior lender who had funded the project to more than 50% project completion and was seeking a new lending partner to complete it. 3650 REIT stepped into the project midconstruction with a multilayered capital stack that included Commercial Property Assessed Clean Energy program financing and a brownfield tax credit bridge loan. CSC quickly secured the new lender and established a clear roadmap to ensure a smooth closing. As a result, the project was funded within a single construction draw cycle, with the lender’s skilled closing team further ensuring a successful outcome for all parties involved.
“For a situation that required certainty of execution and a capital partner that could structure around the already complex capital stack, 3650 REIT executed flawlessly and as promised,” stated Neelis. “It also helped that both sides of the table had closed on these types of transactions in the past and were on top of the details right out of the gate.”
“3650’s unique ability to fill gaps in the capital stack for well-located projects that are already under construction is a core tenet of our advantaged position in today’s market,” said 3650 REIT co-Founder and Managing Partner Jonathan Roth. “Over the course of the current real estate cycle, 3650 REIT has invested in multiple midconstruction projects and recapitalizations, including several arranged by Concord Summit. The New Rochelle transaction checked all the boxes, with a strong developer, outstanding project in a strong market and, most importantly, an existing lender with whom we have been seeking a relationship.”
“We are thrilled to partner with Concord Summit Capital and 3650 REIT in funding the completion of the development of this transformative development in New Rochelle,” said Eric Donnelly, CEO of Crossroads Impact Corp, the existing senior lender. “This collaboration underscores our commitment to supporting impactful real estate projects and highlights our confidence in the project’s ability to positively impact the local region.”