Boise, Idaho—Kennedy Wilson has acquired a 324-unit community in Boise, Idaho, known as Reflections at River’s Edge. The purchase price was $29.8 million. Kennedy Wilson invested $15.3 million of equity in the transaction, and also assumed debt of $15.2 million through Fannie Mae at a fixed rate of 5.3 percent with five years of interest only remaining. This deal market the firm’s entry into the market.
“We are extremely excited to begin our presence in the Boise market with the acquisition of Reflections at River’s Edge,” says Kurt Zech, president of Kennedy Wilson Multifamily. “Boise is a strong, stable market with unemployment well below the national average. Employment and population growth has been very strong and have outpaced the national growth rate over the past decade.”
Reflections is located in the city’s West End neighborhood. It sits on a lake about 1.5 miles from downtown Boise. An adjacent bike path provides easy access to Downtown and Boise State University.
Kennedy Wilson’s global multifamily portfolio now totals 20,007 units.
Spirit Bascom Ventures, Oaktree grab 232 units in Georgia
The 2000 built property is situated along the Chattahoochee River in the affluent city of Sandy Springs. Amenities at the low-density site include a clubhouse, pool with gardens, a fitness center and a trailhead leading to a hiking path through Overlook Park and the Chattahoochee River.
The venture has a value-add program in store that will upgrade all units with stainless steel appliances, laminate hardwood floors and contemporary finishes and fixtures. The program will also include a complete overhaul of the amenity package that will include creating a resort-style pool experience and reconcepting the main club room and fitness center.
Northmarq Capital arranges $22.2M takeout bridge loan
Seattle–Stuart Oswald, senior vice president/managing director of NorthMarq Capital’s Seattle-based regional office, arranged $22.2 million in financing for 735 St. Clair Apartments, a 212-unit apartment high rise located in Portland, Ore. The development includes a 23-story building with 212 apartment units and one commercial space with a net rentable area of 152,560 sq. ft. A three-story parking garage is attached to the north side of the residential tower.
This deal is a non-recourse bridge loan for a cash-out refinance in which the borrowers were able to pay off their construction loan and also pull out additional cash. This asset has had very strong leasing momentum, but has not yet stabilized; as such, the loan also allows for additional funds to be advanced during the loan term once certain performance hurdles are met.
Financing was structured with a 60 percent LTV, 30 year amortization and a 10-year term. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.