CBRE Lines Up $14M Financing for New Idaho Community
The company worked on behalf of the borrower, 5th and Idaho Apartments LLC. The five-story building will be located in the historic district of Old Boise, Idaho.
By Adina Marcut
CBRE Capital Markets’ Debt & Structured Finance team has closed a $14 million loan for the construction of 5th and Idaho Apartments, an 81-unit market-rate community in Boise, Idaho. John Taylor of CBRE’s Seattle office secured the loan through CBRE’s FHA lending platform on behalf of the borrower, 5th and Idaho Apartments LLC. Dean Pape and Peter Oliver will manage the property.
The asset will be located at the west corner of West Idaho Street and North 5th Street, in the historic district of Old Boise, Idaho. The Capital City Development Corp. offered the company financial support for the development of a public pocket park on one corner of the site.
The five-story building will feature a mix of studio, lofts, and one- and two-bedroom units. Amenities will include 66 underground and 11 surface parking spaces, a 5th floor deck, on-site bike storage and a ground retail space.
Hummel Architects together with GGLO of Seattle provided the architectural services for the project. Engineered Structured Inc. was the general constructor. Back in May, CBRE secured the $5.1 million sale of an O.C. community.
Rendering courtesy of CBRE