Livmark Secures $116M to Develop Colorado Luxury Community
Concord Summit Capital originated the debt,
Livmark Communities has obtained a $115.5 million construction loan from Concord Summit Capital to build Collins at Union Park, a 457-unit luxury multifamily community in Fort Collins, Colo. The developer started on site work at the Un Pk Ave site, and vertical construction is expected to start immediately.
Collins at Union Park 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.
Capital stack breakdown
The debt for Collins at Union Park was structured on a non-recourse basis at an 88 percent 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 stabilization without the cost and execution risk of a separate refinancing, according to the firm.
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The financing was arranged by Senior Managing Director Daniel Eidson, Director Keegan Burger and Senior Analyst Ben Applebaum.
What else they’re building
Windsor, Colo.-based Livmark Communities has several other projects in development in its home state. 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, Colo. 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, Colo. The 45-unit build-to-rent component is slated for completion this fall. It is rising next to The Bend’s 198-unit multifamily component.
