Concord Summit Capital closed $7.8 million in financing for a market-rate rental community under construction in the Charlotte, North Carolina market. Norman Lofts, located at 14801 Statesville Road in Huntersville, is approximately 65% complete, with final delivery slated for the first quarter of 2025. Loan proceeds will be used to recapitalize existing construction financing and complete the project.
The financing was arranged by Concord Summit Capital advisors Keegan Burger and David Larson, who work in the company’s Miami office.
Norman Lofts is being developed by Surge Investment Group. Headquartered in Ogden, Utah, the development team focuses on Class-B garden-style multifamily development in growing markets.
Norman Lofts are located within the Huntersville submarket and features convenient interstate access with proximity to Uptown Charlotte and Lake Norman. The property has great visibility from I-77 and is only a 15-minute drive to the University of North Carolina at Charlotte and 20 minutes from Charlotte International Airport and Downtown Charlotte.
“We were faced with a challenging situation when the original construction lender could no longer continue funding, but we were able to source and close new financing in under 30 days,” Burger said. “The developer now has the necessary capital to complete the project and welcome new residents by early next year.”
Concord Summit Capital is a leading intermediary between sponsors and providers of capital for commercial real estate debt and equity financing. CSC provides three independent services across its investment platform. The Concord Summit Capital Advisory Team provides fee-based advisory services for debt and equity transactions for commercial real estate capitalizations, ranging from $3 million to $1 billion. The Advisory Team has arranged over $23 billion of debt, structured financing, and equity. The Concord Summit Capital Investment Team acquires distressed assets and non-performing loans from all banks and financial institutions across the nation. The Concord Summit Capital Fund Team invests in commercial real estate debt and equity structures in transactions ranging from $2 million to $35 million.
