BlackRidge Cos. has landed $51 million in construction financing for 2131 Graf, a 195-unit multifamily development in Bozeman, Mont., slated for completion in September 2023. Managing Director Jennifer Quigley of Berkadia secured the 40-year, 221(d)(4) loan having a 3 percent interest rate, financed by HUD’s Green Program.
The community will comprise a mix of 72 one-bedroom, 97 two-bedroom and 26 three-bedroom units. Amenities will include a clubhouse with a community room, fitness center and spa, as well as grilling stations and a firepit.
Situated at 2131 Graf St., the development site is some 3 miles southwest of downtown Bozeman, roughly 2 miles south of State Route 191. Montana State University and Bobcat Stadium are both within a 1.5-mile radius of the property.
Bozeman has seen an increasing number of households over the past 10 years, boosting rental demand, Quigley mentioned in a prepared statement. The city has some 1,250 units under construction and in the planning stages, Yardi Matrix data shows.
One of the projects, also slated for a 2023 completion, is The Oxbow. Developed by Roundhouse in partnership with Kennedy Wilson, the 268-unit community is taking shape on an 11-acre Opportunity Zone site located 10 minutes away from downtown Bozeman.