Concord Summit Capital, LLC (Concord Summit) and Vista Development Ltd. sourced the final round of construction financing for the $165 million Andaz Hotel and Residences, a five-star condominium hotel development on Grace Bay Beach in Turks & Caicos, which included a combination of a senior loan and preferred equity.
The high-end project is the first Andaz branded resort and residential property in the Caribbean comprised of two towers, with 59 pure hotel rooms and 73 branded residences providing a new level of oceanfront luxury. Stretching more than 5.5 acres, Andaz Turks & Caicos at Grace Bay is situated on the celebrated western end of Grace Bay Beach. Real estate here is limited and highly prized, and the development's notable presence next to Smith's Reef brings an authentic, intimate feeling of being quite unlike anywhere else in the world.
Concord Summit Capital's Managing Director, Tyler Beauregard, worked on the financing on behalf of the borrowers.
"The Andaz Turks & Caicos project has had the most complicated and creative structures of financing that I have had the opportunity to work on. I was fortunate to work with the developers and their legal team in TCI, who have the vision to focus on what's important in a transaction, and create confidence for lenders and capital sources investing in an offshore market," Beauregard said.
The developer, Turks & Caicos based Vista Development Ltd, is a privately-owned real estate development firm, focused on luxury resort and residential development opportunities in Turks & Caicos and throughout the United States.
"With our more than 30 collective years of work in the Turks & Caicos market, we know the challenges of obtaining financing in the Caribbean have not been easy, but we have an amazing project on Grace Bay Beach that our financial partners were able to see and believe in," said Matt McDonald, Vista's Principal and Managing Partner.
His partner, and Chief Financial Officer, Mr. Siegel, agreed, "Financing the project has been challenging for sure, but we've had a great team to help with the capital structure, and an amazing lawyer at Stanbrook Prudhoe who pulled it all together."