California + Orange County + Finance | April 20, 2023

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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