Huntington Beach Condos Receive $13M in C-PACE Financing for Construction Debt

Concord Summit Capital, LLC arranged $32.6 million of total construction financing for ShoreHouse, a mixed-use condominium development on Main Street in Huntington Beach. The financing included a $19.6-million senior construction loan and $13 million in C-PACE (Commercial Property Assessed Clean Energy) financing – the first new project to be developed on Main Street in Huntington Beach in more than 20 years by Newport Beach based C3 Development. Concord Summit Capital’s Director Tyler Beauregard sourced the financing on behalf of the borrowers stating “Given the current lending and interest rate environment, construction financing has become challenging; LTC parameters have been compressed and many traditional lenders are on the sidelines.” He further added that “By incorporating C-PACE into capital stack we were able to provide our sponsor with lowest possible cost of capital and significantly higher proceeds than traditional construction loan.” CRE industry leaders like TruAmerica Multifamily President & CEO Bob Hart will come together with top dealmakers, owners, investors, lenders at Connect LA event taking place May 3 at Hotel Indigo for an insightful discussion about real estate trends across Los Angeles region