Updated Dec 4, 2024
Concord Summit Secures $23.5M Construction Loan For 'The Mark' Condos In Cumberland Foreside, ME
100 Maine Highway 1
$23,500,000
Building Size
—
Asset Type
Development Site
Closing
Sep 27, 2023
About this deal
AI
The Mark, a condominium development located at 100 US Rt. 1 in Cumberland Foreside, Maine, has secured $23.5 million in construction financing. The development site is owned by Mark McClure and the loan was facilitated by Daniel Eidson of Concord Summit Capital, LLC. The project is slated for completion by Summer 2024.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $23,500,000
- Address: 100 US Rt. 1, Cumberland Foreside, ME
- Market: Cumberland Foreside, ME
- Landlord: Mark McClure
- Broker: Daniel Eidson - Concord Summit Capital
- Loan Type: Construction
Concord Summit Capital, LLC, led by broker Daniel Eidson, successfully secured $23.5 million in construction financing for 'The Mark' condominium development in Cumberland Foreside, Maine. The loan will support the completion of the project by Summer 2024.
On the Map
$23,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93