Concord Summit Capital, a real estate financing company, has successfully secured a $24.5 million construction loan for the redevelopment of Phoenix’s Metrocenter Mall. The loan will cover expenses such as demolition, abatement and infrastructure entitlements.
The project is set to transform the 64-acre site into a mixed-use residential village with over 1,218 townhome units and approximately 112,000 square feet of essential and service retail space. Concord Summit’s Kevin O’Grady, Daniel Eidson and Ben Applebaum were responsible for sourcing the financing on behalf of the borrowers.
The development will be led by Concord Wilshire and TLG Investment Partners. Concord Wilshire specializes in residential, resort and mixed-use real estate development while TLG Investment Partners is a successor to Thayer Lodging Group that focuses on real estate investment management.
Horizontal construction for Metrocenter’s redevelopment is expected to begin in late 2024 with vertical construction starting in 2027.
