LOCAL Ventures Secures JV Equity, Construction Loan for Boise Project
- Jan 21, 2021
LOCAL Ventures has begun construction of LOCAL Boise, a 252-unit luxury multifamily property in downtown Boise, Idaho, that will also have about 7,100 square feet of retail space. The project is slated for completion in November 2022.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann represented the borrower and served as the exclusive advisor to LOCAL Ventures in procurement of joint venture equity and construction financing. Appian Capital and Argos Capital Partners provided the equity and Old National Bank provided the construction financing loan. The amounts of the financing package were not disclosed. LOCAL Ventures and Appian Capital purchased the property site from WinCo Foods in November.
Located at 250 E. Myrtle St., about a half-mile from the core of Boise’s business district, LOCAL Boise will be comprised of a six- and seven-story midrise building. In addition to the residential units and retail space, the property will have about 11,200 square feet of amenity and leasing space and 356 parking spaces. Amenities will include a full-size coffee bar, branded coach-led fitness classes, expansive co-working and entertainment spaces, an outdoor sundeck with resort-style pool and hot tubs, and a rooftop lounge with mountain views and a dog-friendly deck. The property is directly across from the 90-acre Julia Davis Park and adjacent to two upscale supermarkets.