Concord Summit Capital arranged $25.25 million in senior construction financing for Colonial Village, a new build-to-rent (BTR) community being developed in Katy. The funding represents an 88% loan-to-cost (LTC) execution, allowing the sponsor to retain full ownership without needing co-GP or LP capital.
Concord Summit Capital’s Managing Director, Daniel Eidson, and Senior Analyst, Ben Applebaum, sourced the financing on behalf of the developer, Luminous Homes.
Situated on a 7.9-acre site, Colonial Village will feature 88 two-bedroom and 15 three-bedroom duplex units designed to offer middle-income renters spacious, high-quality homes.
Luminous Homes is a residential real estate firm with over 30 years of experience in high-end custom homebuilding.
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