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US: Livmark Communities has secured a $115.5 million development loan from Concord Summit Capital to build Collins at Union Park, a 457-unit luxury multifamily community in Fort Collins, Colorado.
The developer has started on site work at the scheme, which will have a mix of apartments and carriage homes. Amenities will include a clubhouse, a swimming pool, a golf simulator, a playground, parks, trails and gathering spaces. The community will be within walking distance to Front Range Village Shopping Center, offering residents access to shopping, dining, entertainment and recreational offerings.
The debt for Collins at Union Park was structured on a non-recourse basis at an 88 per cent loan-to-cost ratio. Concord Summit Capital structured one loan facility to combine two phases into a single development, while providing what it described as a meaningful stepdown upon completion of the project. The structure transitions the initial construction loan into a bridge loan, allowing the borrower to carry the project through lease-up and stabilisation without the cost and execution risk of a separate refinancing, according to the firm.
Livmark Communities has several other projects in development in its home state of Colorado. In December, a joint venture between Livmark and McWhinney Real Estate broke ground on Mountain Brook Flats, a $71 million, 200-unit luxury project in Longmont. The property is part of the 64-acre, mixed-use Mountain Brook master-planned community.
Livmark and partner Hillside Commercial Group are developing the second phase of The Bend at Highland Meadows in Loveland. The 45-unit build-to-rent component is scheduled for completion this fall. It is rising next to The Bend’s 198-unit multifamily component.
Highlights:
- Livmark Communities has secured a $115.5 million development loan from Concord Summit Capital to build Collins at Union Park, a 457-unit luxury multifamily community in Fort Collins, Colorado
- The developer has started on site work at the scheme, which will have a mix of apartments and carriage homes. Amenities will include a clubhouse, a swimming pool, a golf simulator, a playground, parks, trails and gathering spaces
- The debt for Collins at Union Park was structured on a non-recourse basis at an 88 per cent loan-to-cost ratio
- Livmark Communities has several other projects in development in its home state of Colorado
