Concord Summit Capital closes $70 million bridge loan for Buffalo, New York Apartment Community

Concord Summit Capital, LLC (“Concord Summit”) has arranged a $70 million bridge loan to the developer of a 376-unit luxury apartment community in suburban Buffalo, New York. Buffalo-based Rane Property Management LLC has already completed the 232-unit first phase of Heron Pointe Apartments and is currently constructing the final 144 units, which are expected to be delivered in the third quarter of 2022.

The new financing package will be used to repay a construction loan. TPG (NASDAQ: TPG) provided the three-year non-recourse loan. Funding closed on April 19.

Managing Director/Concord Summit Partner Kevin O’Grady, Director David Larson, Partner Keegan Burger and Principal Analyst Daniel Rojo of the Miami office secured the financing on behalf of the borrower, Rane Property Management .

“Rane Property Management and its owner, Tony Cutaia, have been a pleasure to work with,” O’Grady said. “Tony builds to an exceptional standard of quality and demonstrates in-depth knowledge of his markets and products. It was also great to complete another transaction with TPG as we have enjoyed working with them over the years and will always consider them a knowledgeable and reasonable source of capital.

Rane has developed more than 1,600 multi-family units in the upstate New York region, with another 1,600 in the pipeline in Tennessee, Florida and South Carolina, among other markets.

Heron Pointe Apartments is located on Grand Island, surrounded by the Niagara River, between Buffalo and Niagara Falls. It offers one-, two-, and three-bedroom units featuring gourmet kitchens with granite countertops, attached garages, luxury floors, private entrances, and covered patios. Amenities include a large clubhouse with cafe and state-of-the-art fitness center, heated in-ground saltwater pool, dog park, playground, and cabana with barbecue grills.

The community is minutes from downtown Buffalo and the Canadian border, with easy access to popular parks, entertainment and restaurants.

“We were delighted to find the right financing solution for Rane on its Heron Pointe development and we look forward to working with the company on future closings of its growing portfolio,” said Larson.

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