Concord Summit Capital, a real estate investment firm, has successfully secured a $24.5 million construction loan for the redevelopment of Phoenix’s Metrocenter Mall. The financing will cover demolition, abatement and infrastructure entitlements to prepare for the transformation of Metrocenter into a mixed-use residential village.
The loan was arranged by Concord Summit’s Kevin O’Grady, Daniel Eidson and Ben Applebaum on behalf of the borrowers. The 64-acre site will be developed by Concord Wilshire and TLG Investment Partners into a vibrant community featuring over 1,218 townhome units and approximately 112,000 square feet of essential retail services.
Concord Wilshire is an experienced developer in residential, resort and mixed-use real estate projects while TLG Investment Partners specializes in real estate management and investments as Thayer Lodging Group’s successor.
Construction is expected to begin in late 2024 with horizontal development followed by vertical construction starting in 2027. This marks an exciting first phase for the redevelopment project at Metrocenter Mall.
