Concord Summit Arranges $50M in Construction Financing for Fort Worth Multifamily Project

FORT WORTH, TEXAS — Concord Summit Capital, a South Florida-based intermediary, has arranged $50 million in construction financing  for Vic Centre Apartments, a 268-unit multifamily project in Fort Worth. Vic Centre will be located on the city’s east side and will consist of nine three-story buildings that will house studio, one- and two-bedroom units. Specifics on the “premium” amenity package were not disclosed. David Larson and Keegan Burger of Concord Summit Capital arranged the financing, which includes both senior and mezzanine debt that was structured with an 80 percent loan-to-value ratio, on behalf of the sponsor, a partnership between Summa Terra Ventures and M13 Construction. The direct lender was not disclosed. Construction is underway and expected to be complete within 24 months.