Avison Young completes $27.7 million construction financing for Summertown Apartments, a 190-unit multifamily project in Boise, Idaho22 Jan 2020
Los Angeles, CA – Avison Young announced today that it has successfully arranged a $27.7 million loan to finance the construction of Summertown Apartments, a 190-unit garden-style luxury apartment project to be built in the Meridian suburb of Boise, Idaho. The project is a joint venture of locally-based Phoenix Commercial Construction and 111 Capital LLC.
Avison Young Principals Jay Maddox and Peter Sherman of the Capital Markets Group arranged the loan, which was provided by a Los Angeles-based private lender.
“Avison Young’s creative expertise in capital markets enabled us to obtain a flexible line of credit structure that will fund 100% of construction costs and accommodate our unique plan to sell the project in phases via a pre-sale commitment,” said Shannon Robnett, principal of Phoenix Commercial Construction.
Located adjacent to 58-acre Settler’s Park, Summertown will offer a mix of two-story row houses and three-story garden-style apartments, with gated front garden areas, enclosed garages and resort-like amenities, all situated on 5.8 acres of open space. Construction is anticipated to commence in the first quarter of 2020 with the first units delivered during summer of 2020.
“Boise is the third fastest-growing city in the nation with very strong demand for new housing. The booming apartment market has low single-digit average vacancy, nine percent annual rent growth, and rapid absorption of new units. Summertown Apartments’ large units are uniquely suited for families who are migrating to Boise due to the great quality of life, employment opportunities and low cost of living,” said Maddox.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
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