VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing to facilitate the development of The Larkspur, an 86-unit, market-rate, workforce multifamily community. Miami-based Plaza Equity Partners is developing the property in Victor, a small city of approximately 2,000 residents near the Wyoming border.
Karen Kim of NewPoint originated the loan, which features a 22-month construction period followed by a 40-year term.
The Larkspur is a planned three-story, garden-style community with 3,000 square feet of retail space. The property will feature 29 studio units, 43 one-bedroom units, 11 two-bedroom units and three three-bedroom units. Community amenities will include an outdoor fire pit, barbecue areas, a bark park, bocce ball court, controlled climate storage and winter/summer sports repair and storage rooms.
The project team includes Victor-based Headwaters Construction Co.; Boise-based Syringa Property Management; and South Jordan, Utah-based AE Urbia Architects & Engineers.
The Larkspur is situated within the Jackson, Wyoming-Idaho micropolitan statistical area.