George Smith Partners has secured a $30 million financing loan for the ground up construction of The Cartee, a new 161-unit multifamily community in downtown Boise, Idaho.
Roundhouse closed the loan through US Bank with its own equity. The financing was arranged by George Smith Partners’ Principal & Managing Director Jonathan Lee and Vice President Paul Monsen.
The project broke ground back in October, before the loan closed, in order to lock in pricing for construction costs. The Cartee is schedule for completion in January 2022.
“What is significant about this deal is that we are now seeing more and more institutional capital in the space. Our borrower had multiple lending options on this project and we were able to curate the best option to serve their overall business strategy,” Lee told Multi-Housing News.
GSP and Roundhouse previously worked together on development of The Fowler, another property located in downtown Boise.
In December, George Smith Partners arranged a $69 million construction loan for the development of a student housing property in Merced, Calif.