Idaho

George Smith Partners arranged the ground-up construction debt to for a 159 unit multifamily over 4,000 square feet of ground-floor retail space in the heart of Boise, Idaho. Our Sponsor has construction/heavy rehab experience in the Boise market, but the project represented a substantial increase of residential rental product. Sized to 75% of total cost, the repayment guarantee (aka recourse) burns–down at Certificate of Occupancy until fully eliminated at stabilization. Priced at LIBOR + 250, there is no interest rate floor for this three year loan. A five-year mini-perm option is also part of the debt package upon stabilization.