Metrocenter property to undergo transformation into mixed-use residential village
Phoenix, AZ (Oct. 17, 2024) - Concord Summit Capital, LLC (“Concord Summit”) arranged a $24.5 million construction loan to finance demolition, abatement and infrastructure entitlements for the redevelopment of the Metrocenter mall located in Phoenix, Arizona. Metrocenter is poised for a dramatic transformation into a bustling mixed-use residential village.
Concord Summit Capital’s Chairman Kevin O’Grady, along with Managing Director Daniel Eidson and Analyst Ben Applebaum, sourced the financing on behalf of the borrowers.
“Concord Summit continues to be a leading intermediary in the debt and equity capital markets, successfully executing complex transactions in a challenging environment and providing high-leverage financing solutions nationwide.,” O’Grady said.
Located on 64 acres, the Metrocenter site will be redeveloped into a mixed-use residential village consisting of over 1,218 townhome units and approximately 140, 000 square feet of essential and service retail. Vertical construction costs are estimated to be over $500 million.
The property will be developed by Concord Wilshire and TLG Investment Partners. Headquartered in Los Angeles and Miami, Concord Wilshire is a nationally recognized leader in residential, resort and mixed-use real estate development and construction. Its projects are valued at over $10 billion and span over 10 million square feet with office, retail, mixed-use, residential and industrial properties, as well as unique projects including non-profit headquarters and cogeneration power plants.
TLG Investment Partners is a nationally recognized real estate and investment management firm (and a successor to Thayer Lodging Group), which is principally owned by Leland Pillsbury and Chris Nieberding and headquartered in Fort Lauderdale, Florida.
“This financing reflects the strength of the credit markets and the demand for large redevelopment projects that transform underutilized or obsolete properties into much-needed residential housing with accompanying community amenities,” Eidson said.
Horizontal construction for the Metrocenter redevelopment is expected to commence during the fourth quarter of 2024, with vertical construction set to begin in 2027.
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