$67,000,000 Construction Financing for the Development of a Mixed-Use Project; Garden City, ID

Transaction Description:

George Smith Partners successfully arranged $67,000,000 ($286,324/unit) in non-recourse, construction financing for a 234-unit, mixed-use development in Garden City, ID. This mixed-use development will sit on the edge of the Boise River Greenbelt with stunning views overlooking the water, Boise city and the surrounding mountains. The Project will feature eight retail establishments including a public pub and over 16,000 square feet of open public plaza gathering space. The Project will provide much needed housing to the supply constrained Boise MSA that has seen double digit rent growth in the last few years.

This mid-construction Project had the horizontal construction work completed. GSP was brought in to secure a debt provider to help recapitalize the Project and to see it through completion. With the recent financings in Boise that GSP had worked on, GSP put together a bespoke marketing process. The Project received a tremendous amount of interest from lenders and was put under application in just 7 days! GSP was able to identify a capital partner that provided the best overall value for the Sponsor with competitive pricing, familiarity with the submarket, comfort with the product type, and a closing timeline matching the Sponsor’s needs. The construction loan closed in mid-April providing the necessary financing to bring this Project to fruition. This Project is expected to begin lease up in the second half of 2023.