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 costs for demolition, abatement and infrastructure entitlements to prepare the site for its transformation into a mixed-use residential village.
The financing was arranged by Concord Summit’s Kevin O’Grady, Daniel Eidson and Ben Applebaum on behalf of the borrowers. The 64-acre Metrocenter site will be developed by Concord Wilshire and TLG Investment Partners into a mixed-use residential village featuring over 1,218 townhome units and approximately 112,000 square feet of essential retail services.
The estimated cost for vertical construction is over $500 million. Both Concord Wilshire and TLG Investment Partners have extensive experience in real estate development and management.
Horizontal construction is expected to begin in the fourth quarter of 2024 with vertical construction starting in 2027. This marks an exciting new phase for Metrocenter as it undergoes its dramatic transformation into a vibrant community hub.
