With $26.8 million in financing in hand, construction is poised to begin for a mixed-use condominium complex in Dana Point, Concord Summit Capital, LLC announced earlier this month.
Del Prado Place, which is being developed by Newport Beach-based Westerre, will rise from a corner property located at 24722 Del Prado Avenue. Plans call for a new three-story building which will feature 18 one- and two-bedroom condominiums above 5,200 square feet of ground-floor commercial space.
Sales prices for the condos, which will have outdoor terraces, are expected to start at $1.75 million each. The funding arranged by Concord Summit includes a $17 million senior construction loan and $9.8 million in CPACE financing.
“This is our second CPACE / Senior Construction loan execution with Westerre,” said Concord Summit director Tyler Beauregard. “While this dual-loan execution can be very challenging and complex, incorporating CPACE into the capital stack allowed us to provide our sponsor with the lowest possible cost of capital along with significantly higher proceeds than a traditional stretch senior construction loan. Having completed several transactions with this quality CPACE-friendly construction lender, it allowed us to structure a very attractive financing package on behalf of our borrower.”
Completion of Del Prado Place is expected in the second quarter of 2025.
The project site is located roughly a half-mile inland from Dana Point Harbor, which is undergoing its own $500-million redevelopment.
Development Site 24722 Del Prado Ave.
