
Concord Summit Capital Closes $122 Million in Financing for Active-Adult Development
Concord Summit Capital has closed $122 million in financing for a 55-plus luxury rental community under construction in Port St. Lucie, FL. The package includes a $95 million construction loan and $27 million in mezzanine debt for developers of the 415-unit Encore at Tradition.
The financing was arranged by Concord Summit Capital advisors David Larson, Daniel Eidson and Keegan Burger.
The project is being developed by America Walks at Port St Lucie, LLC, a partnership between the principals of Pride One Construction, Brokaw Development Services, and Riley Hotel Group. Headquartered in Cleveland, Ohio, the development team has constructed over 20,000 units collectively.
The gated community is located within the Tradition master-planned community. It will offer 1- and 2-bedroom apartments ranging in size from 750 square feet to 1,250 square feet and 2-bedroom villas designed for 2,030 square feet. Amenities include salon, restaurant, movie theater, and golf simulator.
- ◦Development
- ◦Financing