$47,355,000 Construction Financing and $16,500,000 Equity Placement for Two Multifamily Development Communities; Boise, ID

Transaction Description:

George Smith Partners successfully advised on $47,000,000 in construction financing and $16,500,000 in JV Equity for the development of two multifamily communities, totaling 213 units with 184,900 of net rentable square feet located in Garden City, a submarket of Boise, ID. The Sponsors have a long-term bias toward the market, having completed over $75,000,000 in financing in the area. This transformative Project is a key component of their overall master plan and vision for Downtown Garden City.

GSP worked through several strategies to source the right non-recourse financing terms and joint-venture equity partner for the ground-up multifamily community. Ultimately, GSP successfully obtained several financing options. The Sponsor selected a life-company lender with exceptional terms and a joint venture equity capital partner with a long-term partnership vision.

The Sponsor projects a timely delivery and lease-up period of the Project in late 2022. The demand for housing remains robust in Garden City due to the continued tailwinds, driven by the influx of individuals seeking housing in Idaho.