Kevin O'Grady is Concord Summit Capital managing director and co-founder. Courtesy photo

Newly formed commercial real estate financing adviser and investor Concord Summit Capital LLC is opening its headquarters in Miami's Brickell Financial District as yet another financial firm opts to set up base in South Florida.

Concord Summit Capital is moving into a 2,250-square-foot space at 1450 Brickell Ave. after forming in the beginning of the year and temporarily working out of space in Coral Gables.

Concord Summit, which also has offices in Denver and Los Angeles, is a commercial real estate finance and investment adviser serving as an intermediary between property owners and their financiers.

Concord Summit advises on debt and equity financing for commercial real estate, acquiring distressed properties and nonperforming loans from financial institutions, originating commercial real estate debt and investment in equity structures for deals valued at $2 million to $35 million.

In response to the slowdown of capital flow caused by the coronavirus pandemic, Concord Summit most recently added a COVID-19 debt assistance division. It helps commercial property owners renegotiate and creatively restructure their debt and equity. Commercial real estate owners are seeking help reassessing their ability to repay loans and with fluctuating asset values.

Kevin O'Grady, Concord Summit managing director, said in prepared remarks that real estate will be hurt since it will take some time to restart the economy.

"Recognizing that much of the recovery for different asset classes relies heavily on the duration of time involved with putting America back to work and that many assets may simply not survive the duration of time, as well as the fact that many equity funds have hit the brakes to preserve cash and liquidity, now is the time for developers and property owners to acquire bridge debt and to hit the reset button," O'Grady, formerly of Walker & Dunlop in Miami, said in a news release.

Concord Summit is a partnership between Denver-based Summit Investment Management LLC, a distressed commercial debt and opportunistic credit investor, and Los Angeles-based Concord Wilshire, a real estate developer and investor.

O'Grady, Summit Investment president and CEO CJ Burger and Concord Wilshire president Nate Sirang are the Concord Summit founders, and all three also serve as chief information officers.

Concord Summit is part of an influx of financial service firms that chose South Florida for their headquarters.

Publicly traded investment conglomerate Icahn Enterprises, founded and led by Carl Icahn, is among the more notable newcomers with plans to move to Sunny Isles Beach's new Milton Office Tower.

Starwood Capital Group, led by billionaire co-founder Barry Sternlicht, is building a 144,000-square-foot, six-story headquarters on an acre at 2340 Collins Ave. on Miami Beach. Starwood, which has subsidiaries focusing on a range of investments, moved to South each two years ago from Greenwich, Connecticut.