Idaho

Newmark Realty Capital Arranges $22M in Development Financing for Residential Tower in Northern Idaho

by Amy Works September 13, 2019

COEUR D’ALENE, IDAHO — San Francisco-based Newmark Realty Capital (NRC) has arranged $22 million in development and construction financing for One Lakeside Center, a 15-story residential tower on the north shore of Lake Coeur d’Alene in Northern Idaho. Demetri Koston of NRC’s Spokane, Wash., office arranged the financing for the undisclosed borrower through a New York-based national bank lender. Situated one block from the water’s edge in Coeur d’Alene, One Lakeside Center will feature 69 residential units, a parking garage and a ground-floor commercial suite. Additional details of the project were not released.

September 13, 2019

Affordable Housing Development Idaho Loans Multifamily Western

KeyBank Arranges $27M Financing for Affordable Housing Complex in Idaho

by Jeff Shaw July 5, 2019

HAILEY, IDAHO — KeyBank Community Development Lending and Investment (CDLI), along with KeyBank Real Estate Capital (KBREC), has secured $27 million to refinance and renovate Balmoral Apartments. The property is located in Hailey, a small city in central Idaho approximately 125 miles east of Boise. The financing included $10.1 million provided by CDLI, as well as $17.3 million from Freddie Mac arranged by KBREC’s commercial mortgage group. Completed in 2002, the property is a 192-unit, affordable garden-style apartment complex on four acres. Balmoral comprises 19 two- and three-story buildings offering five different floor plans with one-, two- and three-bedroom units. Site amenities include a clubhouse, fitness center, playground, picnic areas and access to an adjacent park with a soccer field and basketball courts. Dominium, which acquired the property in 2015, intends to moderately rehabilitate the property with a construction budget estimated at $52,000 per unit. The renovations will be conducted during a nine-month period while tenants are in place. Balmoral operates under the Section 42 LIHTC Program with seven units reseved for residents making up to 30 percent of area median income (AMI), 11 units at 40 percent AMI and 174 units at 60 percent AMI. Kelly Frank of Key’s …

July 5, 2019

Acquisitions Idaho Multifamily Seniors Housing Western

CareTrust REIT Buys Skilled Nursing Facility in Nampa, Idaho

by Jeff Shaw July 2, 2019

NAMPA, IDAHO — CareTrust REIT has acquired Cascadia of Nampa, a newly constructed, 99-bed transitional rehabilitation facility in Nampa. The facility was added to CareTrust’s existing master lease with Idaho-based Cascadia Healthcare LLC, bringing the total facility count under the Cascadia master lease to 12 facilities with 1,013 licensed beds. CareTrust participated in the facility’s development, making a preferred equity investment with Cascadia’s development affiliate in 2016 to construct the asset. In conjunction with the investment, CareTrust obtained an option to purchase the facility at a formula-based price upon stabilization of the operations. Cascadia completed construction and opened the facility in November of 2017. CareTrust’s investment for Cascadia of Nampa was approximately $12.8 million, inclusive of transaction costs and after receiving credit for CareTrust’s original equity investment and preferred returns thereon. Initial annual cash rent will be approximately $1.5 million. The master lease carries annual CPI-based escalators and has approximately twelve years remaining on the initial term, plus three five-year renewal options. The acquisition was funded using cash on hand.

July 2, 2019

Development Idaho Multifamily Seniors Housing Washington Western

Wolff Opens New Revel Seniors Housing Communities in Washington, Idaho

by Amy Works June 6, 2019

SPOKANE VALLEY, WASH., AND EAGLE, IDAHO — The Wolff Company, an Arizona-based private equity firm and multifamily developer, has completed construction or Revel Spokane in Spokane Valley and Revel Eagle in Eagle. Both communities offer independent living apartments and are part of Wolff’s $300 million to $400 million annual seniors housing development plans. Located alongside the Spokane River, Revel Spokane features 132 units in one- and two-bedroom layouts. The community welcomed its first residents in March 2019. Located alongside the Boise River, Revel Eagle features 146 units in studio, one- and two-bedroom layouts. The community welcomed its first residents in April 2019.

June 6, 2019

Acquisitions Idaho Industrial Western

Alder AS Industrial Acquires 2 MSF Portfolio in Boise, Idaho

by Amy Works June 5, 2019

BOISE, IDAHO — Adler AS Industrial LLC has purchased a portfolio of land and buildings in Boise from the Van Auker Cos. The acquisition consists of more than 2 million square feet of industrial properties across more than 80 assets and over 400 acres of future development land. The acquisition price was not released. The buyer has opened its headquarters on Emerald Street in Boise to manage the new properties. Peter O’Brien of Pacific Commercial Realty Advisors/Cushman & Wakefield assisted the buyer, while Dave Ellis of Capacity Commercial Group represented the seller in the deal.

June 5, 2019

Acquisitions Idaho Retail Western

Hanley Investment Arranges Sale of CircusTrix Trampoline Park in Metro Boise

by Amy Works March 7, 2019

NAMPA, IDAHO — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant net-lease investment property, located at 1460 N. Happy Valley Road in Nampa. An East Coast-based real estate investment acquired the property from Atlanta-based RCG-Nampa LLC for an undisclosed price. The tenant, CircusTrix, is a developer, operator and franchisor of indoor active recreation parks. The facility combines super trampoline arrays with obstacle courses, foam pits, slacklines and trapezes. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.

March 7, 2019

Acquisitions Idaho Multifamily Western

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

by Amy Works November 26, 2018

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 invest more than $6 million to upgrade the unit interiors, improve the clubhouse, fitness center and pool, and address deferred maintenance projects. Upon completion the apartment community, which was built in 1986, will be renamed Reedhouse. This transaction is Kennedy Wilson’s fifth significant purchase in the Boise market since the company started investing in the region in 2014. Kennedy Wilson’s other assets include Whitewater Park, Edgewater, River Pointe and Rosewood Apartments.

November 26, 2018

Development Idaho Multifamily Seniors Housing Western

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

by Amy Works November 5, 2018

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 2019. Glauser Construction is building the project. Radiant owns and operates 19 assisted living communities in Idaho, Oregon, Washington, Nevada, Colorado and Montana.

November 5, 2018

Company News Idaho Northeast Pennsylvania Retail Top Stories Western

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

by Camren Skelton August 9, 2018

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 clinics across 38 states and Washington, D.C. “While we believe in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company,” said John Standley, chairman and CEO of Rite Aid, in a prepared statement. The merger has faced pushback from a number of stockholders and investors in the months leading up to a shareholder vote over the deal, which was originally scheduled for Thursday, Aug. 9, but has since been called off. In June, Highfields Capital Management, an investment management firm that holds approximately 47 million Rite Aid shares, said it would vote against the merger, claiming it did not offer compelling value …

August 9, 2018

Hospitality Idaho Loans Western

Berkadia Arranges $16.2M Financing for Hyatt Place Boise

by Amy Works July 26, 2018

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 guest rooms, 24-hour fitness center, business center, outdoor pool and restaurant.

July 26, 2018

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