Idaho

IRET Sells Eight Seniors Housing Communities in Idaho for $43.9M

by Nellie Day November 7, 2016

BOISE, IDAHO — IRET, a REIT based in Minot, N.D., has sold a portfolio of eight seniors housing communities totaling 313 units, all located in Idaho. The current tenants, all affiliates of Edgewood Senior Living, purchased the properties for $43.9 million. After retiring mortgage debt and paying other closing costs, IRET will receive net cash proceeds of approximately $31.2 million. Additionally, IRET intends to redeem all 1.2 million outstanding shares of its 8.25 percent Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). The moves are part of what the company calls its “strategic transformation.” As of July 31, IRET owned interests in 146 properties, consisting of 100 multifamily properties totaling 13,012 units, and 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.8 million square feet of leasable space.

November 7, 2016

Idaho Retail Western

NAS Named Commercial Property Management Consultant for Boise Retail Asset

by Nellie Day November 1, 2016

BOISE, IDAHO — National Asset Services (NAS) has been named as management consultant for BODO, an urban retail asset located in the downtown city center of Boise. BODO, which opened in 2007, is located on Broad Street between Capitol Boulevard and 9th Street. The 130,000-square-foot development features an Edward’s, theater complex, P.F. Chang’s China Bistro, Office Depot, Urban Outfitters, White House Black Market, Ann Taylor LOFT, Jos. A. Bank, Five Guys Burgers and Fries, Meraki Greek Street Food and Idaho Trust Bank, among other tenants.

November 1, 2016

Idaho Multifamily Seniors Housing Western

CareTrust REIT Invests $2.2M in Skilled Nursing Development in Idaho

by Nellie Day August 15, 2016

NAMPA, IDAHO — CareTrust REIT Inc. has made a $2.2 million preferred equity investment with Cascadia Healthcare LLC to fund the construction of a 99-bed skilled nursing facility in the Boise suburb of Nampa. The investment is the first of its kind between CareTrust and Cascadia, and includes a purchase option that will allow CareTrust to buy the facility once it is stabilized. Construction of the 52,000-square-foot began last week, for scheduled completion in mid-2017. CareTrust is a publicly traded healthcare REIT based in California. Cascadia is a skilled nursing operator based in Idaho.

August 15, 2016

Idaho Retail Western

West Elm Opens First Store in Idaho

by Nellie Day June 16, 2016

BOISE — Home furnishings retailer West Elm recently opened its first Idaho store in downtown Boise. The location is 14,158 square feet. West Elm incorporated wooden “Tater Blocks” salvaged from the renovation of Simplot’s Caldwell-based potato storage facility into the store’s custom interior design. The blocks, once used as industrial flooring for potato storage facilities, have been repurposed to create an art installation at the new store. Headquartered in Brooklyn, N.Y., West Elm opened its first store in 2003 in DUMBO, the neighborhood it still calls home. The brand operates 87 retail stores in the United States, Australia, Canada and the United Kingdom, and ships internationally. The company also operates stores in Mexico, the Middle East and Philippines through unaffiliated franchisees. West Elm is a member of the Williams-Sonoma Inc. portfolio of brands.

June 16, 2016

Idaho Multifamily Seniors Housing Western

CareTrust REIT Purchases Skilled Nursing Facility in Boise for $8.9M

by Nellie Day May 3, 2016

BOISE — CareTrust REIT (NASDAQ: CTRE), an investor based in San Clemente about midway between Los Angeles and San Diego, has acquired Shaw Mountain at Cascadia, a 98-bed skilled nursing facility in Boise, for $8.9 million. This deal was a sale-leaseback transaction with the seller and operator, Cascadia Healthcare LLC. The acquisition was funded by an 8.5 million-share equity offering that occurred in March.

May 3, 2016

Idaho Multifamily Student Housing Western

Boise State, EdR Break Ground on Honors College and First-Year Residence Hall

by Nellie Day April 14, 2016

BOISE, IDAHO — EdR and Boise State University have broken ground on a nearly $40 million Honors College and first-year residence hall. The 236,000-square-foot development is scheduled for completion in fall 2017. The honors-dedicated living-learning center and freshman housing community will feature 235 two- and four-person, private and semi-private suite-style units. A number of apartment-style units will also be included to provide alternatives for upper-division students in the Honors College. The five-story building will feature classrooms, study lounges, honors offices and dining facilities along with Internet capabilities and Wi-Fi access. EdR has financed the nearly $40 million development through its on-campus equity plan, which uses the company’s equity and financial stability to fund projects on university land. In their agreement, EdR provides financing, oversees development and construction, and is responsible for maintenance and management while Boise State provides residence life services.

April 14, 2016

Idaho Multifamily Student Housing Western

Cardinal Group Adds 539 Student Beds in Idaho to Management Portfolio

by Nellie Day March 31, 2016

BOISE — Denver-based Cardinal Group Management has been awarded management of a student housing community with 539 beds in Idaho. The student housing community, called The Vista, was built in 2015 near Boise State University in Idaho.

March 31, 2016

Hospitality Idaho Loans Western

PMZ Arranges $27M Refinancing for Boise Airport Hotel Portfolio

by Nellie Day March 22, 2016

BOISE, IDAHO — PMZ Realty Capital has arranged a $27 million refinancing for a four-property hotel portfolio in Boise. The Boise Airport Hotel Portfolio includes the Fairfield Inn by Marriott Boise, Hampton Inn Boise – Airport, Holiday Inn Boise Airport and the La Quinta Inn & Suites Boise Airport. The portfolio contains more than 300 hotel rooms.

March 22, 2016

Idaho Multifamily Seniors Housing Western

CCRC in Boise Opens to Skilled Nursing Residents

by Nellie Day February 11, 2016

BOISE, IDAHO — The Terraces of Boise has received its state license to provide on-site skilled nursing services and is now accepting residents. This is the second phase of new residents at The Terraces, which expects its assisted living and memory care services to open in spring 2016. The community has already neared full occupancy for its independent living residences. The skilled nursing development — named The Villages — includes three small homes with 16 private skilled nursing suites in each. ABHOW, a California-based nonprofit, sponsors the community.

February 11, 2016

Idaho Loans Western

A10 Capital Closes $75M Investment Facility from KKR

by Nellie Day February 10, 2016

BOISE, IDAHO — A10 Capital has closed a $75 million investment facility from KKR. The investment is designed to bolster A10’s capital base to fuel the future growth of its on-balance-sheet bridge and permanent loan products. A10 is a middle-market lender in the commercial mortgage space based in Boise and Dallas. Additional A10 institutional backers include BlackRock, H.I.G. Capital and THL Credit. A10 recently financed more than 30 million square feet of stabilized and un-stabilized commercial properties nationwide. KKR is a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds.

February 10, 2016

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