The Commodore of Easton Secures $13 Million Construction Loan

Optima Durant Group’s ‘Commodore of Easton’ project closed this morning on a $13 million construction loan, a highly anticipated project development. Also committed to the capital structure is a $3 million bridge loan that pertains to the $3 million RACP grant the project was awarded by PA Governor Tom Wolf in 2019, and a $3 million CPACE loan, which is the first of its kind in Northampton County. The CPACE loan program lends to projects that incorporate certain energy saving measures, and are over a certain threshold of efficiency.
In the wake of the COVID-19 pandemic, Optima Durant Group focused efforts on achieving the project’s construction budget, while maintaining the same development plan offering. As a result, the Commodore project team went back to the drawings to seek out greater efficiency in the design, in order to find a way forward.
The project realized another boost recently when it signed an office lease for all 14,000 square feet of office space in the building, which has proved to be an impressive feat, especially with the backdrop of COVID-19. Optima Durant Group signed a long-term lease with “Venture X,” a co working / shared office space provider that has a presence in the Lehigh Valley (in Bethlehem).
Optima Durant Group now expects to start demo work on the site imminently this Spring. So far, the Commodore has completed abatement work inside the existing building and infrastructure work alongside MetEd, which involved an easement agreement with the Eastonian Hotel to deliver 2,200 amps of power needed for the development. Once the work begins, the construction is expected to last approximately one year and a half.

 “The project has been on a journey. There has been considerable challenges, both controllable and non-controllable, but we have not panicked. We have stayed positive and resilient. We have focused our attention on solutions and greater efficiencies. I made a promise, and I intend to keep it.”

—Garett Vassel, Optima Durant Group President
Located at 100 Northampton Street and informally known as “the gateway to Easton,” the Commodore is being marketed as an exceptional branding opportunity for its location, foot /car traffic and visibility from the Northampton Street Bridge (Free Bridge). The development is within walking distance to the city’s bustling downtown and overlooks the Delaware and Lehigh rivers. It is also adjacent to Scott Park, connecting tenants to multiple recreational trails.
About Optima Durant Group
Optima Durant Group is a fully integrated real estate company that focuses on development, construction, design and property management. Optima Durant, the motto of the founder’s primary school, translates to The Best Endures. The Company was founded in 2017 and pursues projects within the New York, Pennsylvania, and Texas markets.
Optima Durant Group’s ‘Commodore of Easton’ project closed this morning on a $13 million construction loan, a highly anticipated project development.
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