LOCAL Ventures Receives Development Financing for Apartment Project in Downtown Boise
BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise.
Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing.
Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower.
Slated for completion in November 2022, LOCAL Boise will comprise a six- and seven-story mid-rise building offering 252 apartments, approximately 11,200 square feet of amenity space, 7,100 square feet of retail space and 356 parking spaces. Located across from the 90-acre Julia Davis Park, LOCAL Boise is immediately adjacent to two upscale supermarkets and a half mile from the core of Boise’s business district.
LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, and construction of LOCAL Boise started in January 2021.