February 25, 2020
Roundhouse has secured construction financing for its new $50 million apartment project 323 W. Broad St. in downtown Boise, ID, with what might be called a “build it and they will come” certitude.
According to Jonathan Lee of L.A.’s George Smith Partners (GSP), who structured the loan with U.S. Bank, Roundhouse had broken ground on its 161-unit Cartee building even before the loan was secured, “in order to lock in their construction costs with the building trades.”
As reported, GSP secured the loan at extremely favorable institutional lending rates, even though Boise can be viewed by some as a secondary or tertiary market based on size. GSP curated the necessary due diligence to demonstrate that Roundhouse and the Cartee project met those institutional standards.
ESI, the general contractor for the Cartee, started work in late December with a planned completion date near the end of 2021.
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