Concord Summit Capital has closed $122 million in financing for a 55-plus rental community under construction in Port St. Lucie. The package includes a $95 million construction loan from Madison Realty Capital and $27 million in mezzanine debt from an undisclosed lender for the developers of the 415-unit Encore at Tradition, located at 8500 Southwest America Walks Boulevard. The financing was arranged by Concord Summit Capital advisors David Larson, Daniel Eidson, and Keegan Burger. The project is being developed by America Walks at Port St Lucie, LLC, a partnership between the principals of Pride One Construction, Brokaw Development Services, and Riley Hotel Group, all based in Ohio.
The gated community spans 60 acres and is located within the 8,300-square-foot Tradition master-planned community. It will offer 1- and 2-bedroom apartments ranging in size from 750 square feet to 1,250 square feet and 2-bedroom villas designed for 2,030 square feet. Residents can access numerous on-site amenities, including a salon, restaurant, movie theater room, golf simulator, resort-style clubhouse, pool, pickleball courts, and medical/physical therapy services.
Residences offer a blend of modern comfort and style, featuring quartz countertops, kitchen islands, designer tile backsplash, a kitchen pantry, private patios or balconies, 2″ wood blinds, walk-in closets, walk-in showers, stainless steel appliances, a washer and dryer, and ceiling fans in living rooms and bedrooms.
The project is approximately 40% complete, with final delivery slated for the second quarter 2024. The financing proceeds will be used to recapitalize the existing construction financing and complete the project.
“Port St. Lucie has become a mecca for active-adult communities, but most homes in the area are offered for sale,” Larson said. “Encore stands out because it is developing homes for rent, giving retirees more flexibility and liquidity as they age. Leasing is a growing trend in this niche housing sector, so I think our client should do exceptionally well.”