Trez Capital completes $19.4 million construction loan for rental project in growing city of Boise, Idaho
Trez Capital, a private real estate lender that helps build better communities across North America, has funded a $19,400,000 construction loan for the Summertown Apartments project in Meridian, a popular suburb of Boise, Idaho. The borrower is using the financing to develop the first phase of the project which will consist of 36 garden-style apartments and 30 rental townhouses. The loan will also be used to pay for land development in phase one and land development for 125 multi-family residences and nine single-family lots planned for phase two. Once built, Summertown will have 200 residential rental units on 13.7 acres.
Trez Capital Vice President, Origination Scott Mehlman issued the first mortgage on behalf of the borrower, Summertown, LLC. Trez Capital’s Florida office is led by Executive Managing Director, Eastern US, Brett Forman.
“Meridian is a popular suburb of Boise. It has experienced explosive growth for several years due to its slower pace of life and housing affordability,” Mehlman said. “This trend has accelerated during the pandemic, creating a housing shortage. Summertown should alleviate some of the supply and demand imbalance that is causing upward pressure on rents.
Realtor.com predicted Boise to be the second hottest housing market in 2022, trailing only Salt Lake City, Utah. CBRE named the city one of the top promising tech markets in the United States
“When we evaluate a construction loan, we look for communities that have a strong job market and a growing population,” Brett Forman said. “Boise not only appeals to professionals looking to escape the more expensive real estate markets, but also a place for retirees wanting a quieter yet active lifestyle. The area is an outdoor enthusiast’s paradise that also offers a strong culinary and arts scene.
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