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Developments to Provide Much-Needed NW Housing
Construction financing of $39.65 million was recently arranged for the development of two assets. Redpoint Apartments is a 192-unit market-rate multifamily community in Redmond, OR and Meritage West is a 83-unit market-rate multifamily community in Boise, ID.
Located at 1329 SW Pumice Ave., Redpoint will be comprised of 16 apartment buildings, four townhome buildings and one clubhouse on a 10.54-acre lot. The 193,068-square-foot property will have a mix of one-, two- and three-bedroom apartments as well as two-bedroom townhome units.
Meritage West is located at 13450 W. Baldcypress St. adjacent to one of Boise’s most prominent shopping centers, The Village at Meridian. The 67,750-square-foot four-story building will be constructed on a 2.43-acre lot. The unit mix will consist of studio, one-, two- and three-bedroom apartments.
Bruce Francis, Doug Birrell, Shaun Moothart and Bob Ybarra of CBRE arranged the loans on behalf of the developer, Pacific Partners Residential, an Idaho-based multifamily development firm.
“These beautifully designed developments will provide much-needed housing to the region,” said Francis.
- ◦Development
- ◦Financing
