Funding Secured for First Metrocenter Redevelopment Phase

Concord Summit Capital (“Concord Summit”) arranged a $24.5 million construction loan to finance demolition, abatement and infrastructure entitlements for the redevelopment of the Metrocenter Mall located in Phoenix. Metrocenter is poised for a dramatic transformation into a mixed-use residential village.

Concord Summit’s Kevin O’Grady, Daniel Eidson and Ben Applebaum sourced the financing on behalf of the borrowers. 

Located on 64 acres, the Metrocenter site will be redeveloped into a mixed-use residential village consisting of over 1,218 townhome units and approximately 112,000 square feet of essential and service retail. Vertical construction costs are estimated to be over $500 million.

Concord Wilshire and TLG Investment Partners will develop the property. Concord Wilshire is in residential, resort and mixed-use real estate development and construction.

TLG Investment Partners is a real estate and investment management firm (and a successor to Thayer Lodging Group).

Horizontal construction for the Metrocenter redevelopment is expected to commence during the fourth quarter of 2024, with vertical construction set to begin in 2027.