Concord Summit Capital and 3650 REIT Close $83 Million Midconstruction Loan for Westchester County Mixed-Use Residential and Retail Development

NEW ROCHELLE, N.Y. (Sept. 11, 2024) – Concord Summit Capital, LLC (“Concord Summit”), a nationally prominent real estate investment banking company, has closed on $83 million in construction financing for completion of a mixed-use residential and retail project in New Rochelle, N.Y. The loan was originated by 3650 REIT, a nationwide alternative lender, special servicer and solutions provider focused on originating, servicing and asset-managing commercial real estate loans and providing fixed income to global institutions. The project, located in a New York City suburb, features more than 300 apartments, parking and street-front commercial space in a walkable and transit-accessible location.

The financing was arranged by Concord Summit Capital advisers Justin Neelis and Keegan Burger.

The loan was sourced on behalf of the existing senior lender who had funded the project to more than 50% project completion and was seeking a new lending partner to complete it. 3650 REIT stepped into the project midconstruction with a multilayered capital stack that included Commercial Property Assessed Clean Energy program financing and a brownfield tax credit bridge loan. CSC quickly secured the new lender and established a clear roadmap to ensure a smooth closing. As a result, the project was funded within a single construction draw cycle, with the lender’s skilled closing team further ensuring a successful outcome for all parties involved.

“For a situation that required certainty of execution and a capital partner that could structure around the already complex capital stack, 3650 REIT executed flawlessly and as promised,” stated Neelis. “It also helped that both sides of the table had closed on these types of transactions in the past and were on top of the details right out of the gate.”   

“3650’s unique ability to fill gaps in the capital stack for well-located projects that are already under construction is a core tenet of our advantaged position in today’s market,” said 3650 REIT co-Founder and Managing Partner Jonathan Roth. “Over the course of the current real estate cycle, 3650 REIT has invested in multiple midconstruction projects and recapitalizations, including several arranged by Concord Summit. The New Rochelle transaction checked all the boxes, with a strong developer, outstanding project in a strong market and, most importantly, an existing lender with whom we have been seeking a relationship.”

“We are thrilled to partner with Concord Summit Capital and 3650 REIT in funding the completion of the development of this transformative development in New Rochelle,” said Eric Donnelly, CEO of Crossroads Impact Corp, the existing senior lender. “This collaboration underscores our commitment to supporting impactful real estate projects and highlights our confidence in the project’s ability to positively impact the local region.”

About Concord Summit Capital

Concord Summit Capital is a leading intermediary between sponsors and providers of capital for commercial real estate debt and equity financing. CSC provides three independent services across its investment platform. The Concord Summit Capital Advisory Team provides fee-based advisory services for debt and equity transactions for commercial real estate capitalizations, ranging from $3 million to $1 billion. The Advisory Team has arranged over $25 billion of debt, structured financing, and equity. The Concord Summit Capital Investment Team acquires distressed assets and non-performing loans from all banks and financial institutions across the nation.  The Concord Summit Capital Fund Team invests in commercial real estate debt and equity structures in transactions ranging from $2 million to $35 million.  For more details, please see www.concordsummit.com.

About 3650 REIT

3650 (pronounced “Thirty-Six Fifty”) REIT is a nationwide, relationship commercial real estate lender, servicing portfolio loans for borrowers while providing a full suite of financing products. 3650 REIT’s highly differentiated lending process, national scale, vertically integrated platform and rated special servicer status enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Additionally, 3650 REIT’s ability to retain the risk on each investment allows it to closely manage its portfolio. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets. Headquartered in Miami, Florida with offices in New York, Los Angeles, Dallas, Atlanta, Nashville and Washington, D.C. For more information, visit: www.3650REIT.com.

About Crossroads Impact Corp

Crossroads Impact Corp’s mission is to promote economic vitality through community development and equitable access to capital; harnessing the power for good to tackle systemic issues within underserved communities. Building on our history of serving minority individuals and small businesses through environmental and responsible social lending, we look to be the leader in providing innovative and sustainable lending solutions. For more information, visit

THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, AN INTEREST IN ANY JURISDICTION.

Media Contact:

Greg Michaels, ICR for 3650 REIT

Gregory.Michaels@icrinc.com | 646-677-1836

For more details, please see https://3650reit.com/]

Media Contact:

Andy Boian, dovetail solutions for Crossroads Impact Corp

aboian@dovetailsolutions.com | 415-404-2539