Construction Debt on Huntington Beach Condos Includes $13M in C-PACE Financing
Concord Summit Capital, LLC arranged $32.6 million of total construction financing for ShoreHouse, a mixed-use condominium development on Main Street in Huntington Beach. The financing included a $19.6-million senior construction loan and $13 million in C-PACE (Commercial Property Assessed Clean Energy) financing.
ShoreHouse is the first new project to be developed on Main Street in Huntington Beach in more than 20 years. The developer is Newport Beach-based C3 Development.
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,” said Beauregard. “LTC parameters have been compressed and many traditional lenders are on the sidelines. By incorporating C-PACE into the capital stack, we were able to provide our sponsor with the lowest possible cost of capital and significantly higher proceeds than a traditional construction loan.”
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