Vida Properties Secures Funding for Idaho Project
ACRES Capital Corp. provided the $67 million construction loan for the mixed-use community.
Developer Vida Properties has received a $67 million loan from ACRES Capital Corp. to fund construction of The Boardwalk Apartments, a 234-unit mixed-use multifamily community in the Boise suburb of Garden City, Idaho.
Construction has started on the project, which is roughly 25 percent complete. The development is expected to deliver in late 2023. Located along the Boise River and Greenbelt trail, The Boardwalk Apartments is one of three projects Vida Properties has planned for the site. The other developments will be The Boardwalk Residential Tower, an 18-story, mixed-use condominium building with 111 units, and 408 Place, a five-story apartment building with 38 units. All three properties are being designed by Erstadt Architects.
The Boardwalk Apartments will have four floors in a south wing and six floors in west and north wings that will include a fourth floor public pub, fifth floor open public patio and sixth floor amenities deck for residents only. The development will have 17,000 square feet of commercial space and 312 parking spaces. Amenities will include a roof deck, pickle ball courts, a playground and 16,000 square feet of open plaza space on the ground floor. The public plaza space at the edge of the river and Greenbelt will feature retailers, restaurants and bars with indoor and outdoor dining possibilities.
ACRES President & CEO Mark Fogel said in a prepared statement the project will offer a multifaceted, walkable community for residents while providing easy access to the central business district of downtown Boise.
The loan was arranged by Gary Mozer of George Smith Partners. Chris Hetzel of ACRES’ Philadelphia office originated the loan.
ACRES provides construction, bridge and permanent debt solutions in the $10 million to $100 million range for asset classes including multifamily and student housing. Earlier this month, ACRES originated a $34 million construction loan for McKinley Homes US to develop The Rose at Great Neck Condominiums, a luxury development with 40 condos for sale in Great Neck, N.Y., a highly sought after market in Nassau County, N.Y.
In January, ACRES Capital originated a $30.5 million loan to Fulton Street Cos. for the acquisition and pre-development of 1200 W. Fulton St. in Chicago. The project is expected to include a 380-unit residential tower with 5,000 square feet of retail and two office/retail buildings. In August, ACRES Capital provided an $89 million construction loan to Pelican Builders and Ranman USA to develop The Hawthorne, a 67-unit apartment community in Houston.