Pasco residential projects get $85M financing boost

Miami-based Concord Summit Capital has arranged $85.6 million in financing for the development of two residential projects in Pasco County.

The money is being lent to Quill Development, which is building two communities totaling nearly 2,000 houses in Dade City: Rolling Hills and Crosswinds.

Rolling Hills, a 1,014-lot master planned community, is getting a $57.6 million land and development loan at 80% loan-to-value, according to Concord Summit. And Crosswinds, a 915-lot community, is getting a $28 million land loan, also at 80% loan-to-value.

Quill will use the funding to start development work at Rolling Hills immediately. Work on Crosswinds will start next year.

Concord is a national commercial real estate capital markets advisory firm that works to arrange debt and equity capital. It has five offices nationwide and has closed over $38 billion in transactions according to a statement.

The firm’s Jeff DiBartolo arranged both loans. Harold Bordwin of Keen-Summit served as the referring and cooperating broker.