Kennedy Wilson Acquires 188-Unit Cottonwoods Apartments in Boise for $24M

BOISE, IDAHO — Kennedy Wilson has acquired Cottonwoods Apartments, a multifamily community in Boise, for $24 million. The company invested approximately $11 million of equity, including closing costs, and secured a $14 million loan from Freddie Mac at a fixed rate of 4.33 percent for 10 years. A private seller sold the property in an off-market transaction. Kennedy Wilson plans to immediately initiate a large-scale renovation and rebranding of the 188-unit property. The company plans to …

November 26, 2018Acquisitions, Idaho, Multifamily, Western

Radiant Senior Living Breaks Ground on 16-Unit Expansion in Idaho

COEUR D’ALENE, IDAHO — Radiant Senior Living has broken ground on a 16-unit expansion at The Renaissance at Coeur D’Alene, a seniors housing community in Coeur D’Alene, near the Washington border. The community is broken up into chateaus of 16 units each, making this the fifth such building on the property. The Renaissance does not specify a type of care for each unit but customizes for each resident’s needs. Radiant expects to complete the 7,300-square-foot chateau in January …

November 5, 2018Development, Idaho, Multifamily, Seniors Housing, Western

Rite Aid, Albertsons Terminate $24B Merger Amid Stockholder Pushback

CAMP HILL PA. AND BOISE, IDAHO — Rite Aid Corp. (NYSE: RAD) announced Wednesday it has called off its previously announced merger with Boise-based grocery chain Alberstons Cos. The $24 billion deal, first announced in February, would have allowed Albertsons to go public. Under the terms of the transaction, Rite Aid shareholders would have held a 29 percent stake in the combined company. The integrated company would have operated about 4,900 locations, 4,350 pharmacy counters and 320 …

August 9, 2018Company News, Idaho, Northeast, Pennsylvania, Retail, Top Stories, Western

Berkadia Arranges $16.2M Financing for Hyatt Place Boise

BOISE, IDAHO — Berkadia has arranged $16.2 million in financing for Hyatt Place Boise, a select-service hotel located at 1024 W. Bannock St. in downtown Boise. The borrower is a partnership between Utah-based PEG Development and Idaho-based Rafanelli and Nahas. Adrienne Kautzman of Berkadia's Phoenix office secured the permanent financing for the borrower. The non-recourse long-term loan features a fixed rate and several years of interest-only payments. Hyatt Place Boise features 150 …

July 26, 2018Hospitality, Idaho, Loans, Western

Greystone Provides $28.2M Acquisition Loan for Student Housing Complex in Idaho

REXBURG, IDAHO — Greystone has provided a $28.2 million Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a student housing property in Rexburg. Dale Holzer of Greystone's Newport Beach, Calif., office originated the loan for the undisclosed borrower. The loan carries a 10-year term, fixed rate and five years of interest-only payments. Built in 2014, the 154-unit property serves the Brigham Young University-Idaho population with 1,024 student beds. On-site amenities …

July 25, 2018Idaho, Loans, Multifamily, Student Housing, Western

Aries Conlon Capital Arranges $5.3M Refinancing for 120-Key Hotel in Meridian, Idaho

MERIDIAN, IDAHO — Aries Conlon Capital has arranged a $5.3 million refinancing for Candlewood Suites Boise-Meridian, a 120-key hotel located at 1855 S. Silverstone Way in Meridian. The 10-year loan features a fixed interest rate and a 25-year amortization schedule. The borrower, TNB Hotels, used the loan to monetize accrued equity and take cash out. Suraj Desai of Aries Conlon Capital originated the transaction, and Rushi Shah, also of Aries Conlon Capital, placed the financing. …

June 22, 2018Hospitality, Idaho, Loans, Western

Marcus & Millichap Negotiates Sale of 1,546-Bed Student Housing Portfolio in Idaho

REXBURG, IDAHO — Marcus & Millichap has arranged the sale of an eight-property student housing portfolio located in Rexburg. A Seattle-based firm sold the 1,546-bed portfolio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rockland; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birchwood; and the 406-bed Birch Plaza. Although the affiliated school was …

May 15, 2018Acquisitions, Idaho, Multifamily, Student Housing, Western

L M Construction Co. Breaks Ground on 119,200 SF Industrial Building in Boise

BOISE — L M Construction Co. has broken ground on a 119,200-square-foot industrial building in Boise. The facility will be located at 8485 Federal Way. The cross-dock, multi-tenant building is a design-build project for Brass Cap Development. The project is currently 50 percent pre-leased. The future tenant, Teffco, is currently headquartered in nearby Nampa. Teff is an ancient grain and the staple of Ethiopian and Eritrean diets. Teffco hires local Idaho farmers to raise Teff for …

April 11, 2018Idaho, Industrial, Western

City Office REIT Sells Office Campus in Boise for $86.5M

BOISE, IDAHO — City Office REIT Inc. (NYSE: CIO) has sold Washington Group Plaza, a four-building office campus situated on 24 acres in Boise. The Vancouver-based REIT sold the property to St. Luke’s, Idaho’s only nonprofit healthcare system, for $86.5 million. City Office REIT recently executed a 148,000-square-foot lease at the complex with St. Luke’s. The company operates 14 hospitals and medical centers in Idaho, four of which are in Boise. Located at 400 Broadway Ave., 701 …

March 9, 2018Idaho, Office, Top Stories, Western

Albertsons to Buy Drugstore Chain Rite Aid

BOISE, IDAHO — Boise-based grocery chain Albertsons Cos. has agreed to acquire Rite Aid Corp. (NYSE: RAD), one of the nation's largest drugstore chains, for an undisclosed sum. The integrated company will operate about 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C., serving 40 more than million customers per week. The majority of Albertsons’ pharmacies will be rebranded as Rite Aid. The company will continue to operate Rite Aid standalone …

February 21, 2018Idaho, Retail, Top Stories, Western