A $46 million construction loan was recently obtained for the phased development of 400 units located within an Opportunity Zone in Bozeman, MT. Construction of phase one is expected to finish in late 2023, at which time the remaining 132 units will begin construction.
The property is situated on the western edge of town, south of the popular retail and lifestyle center, Ferguson Farms. Located on the southeastern corner of U.S. Highway 191 and Cottonwood Road, the development is the newest housing project catering to Big Sky and the Yellowstone Club.
George Smith Partners’ Jonathan Lee, Paul Monsen and their team secured the financing on behalf of Roundhouse Development. For the first 268 units, the loan is priced at a sub-3 percent rate. The garden-style project will be a significant upgrade to other assets in the market, says Lee.
“Roundhouse Development’s CEO Casey Lynch forecasted the need for housing in Bozeman when he first purchased this property over five years ago. Their vision will alleviate growing demand in what developed as the fastest-growing metropolitan market in the U.S. prior to COVID, an economic and population trend that has now accelerated in the early 20s,” said Lee.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.