$40,270,000 Senior Construction Loan for a Multifamily Development; Meridian, Idaho

Transaction Description:

George Smith Partners placed a $40,270,000 recourse, senior construction loan for a ground-up development in Meridian, Idaho.
Upon completion, the Project will bring 240 multifamily units to the market through a mid-rise property consisting of 10 three-story residential buildings and a clubhouse situated on the 11.22-acre site. The Subject will include a mix of one, two, and three-bedroom units ranging up to 1,150 SF. During marketing, analysis showed the population within the subject neighborhood has had consistent growth over the past 20 years, with more projected in the coming five years. As a benefactor of the substantial in-migration from the larger West Coast metropolitan cities, the neighborhood currently has an above average income profile, and the Project improves the encompassing neighborhood infrastructure and support services. GSP cultivated a relationship with a national lender who provided the financing execution.