Concord Secures Financing for Knoxville-Area Townhome Project
Concord Summit Capital (CSC) arranged a $44 million revolving construction financing package for Meadows at Pearson Springs, a 100-unit for-sale townhome community in Maryville, TN, a suburb of Knoxville.
CSC’s Justin Neelis secured the financing on behalf of Home Development, Inc. (HDI). The capital structure allows the builder to fund vertical construction and repatriate equity at closing. The loan represents 67% loan-to-cost (LTC) of acquisition and site work already completed and 100% LTC of vertical construction.
Concord Summit procured the financing from a privately held national real estate lender and investment manager specializing in flexible capital solutions for residential development. This includes ground-up and construction completion loans for both for-rent and for-sale residential projects.
Meadows at Pearson Springs will offer two floor plans: a two-level option with 2,363 square feet and a second version with a walk-out basement at 3,515 square feet.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout