October 9, 2019
JLL arranged $8.37 million in acquisition financing for Chateau Park Apartments, a 71-unit, value-add, garden-style apartment community located near downtown Boise, ID. The borrower was Denver-based Allante Properties and Investments.
The property is situated at 333 S. Elm St. in the vibrant East Boise neighborhood. Completed in 1973, Chateau Park Apartments offers a mix of one, two and three-bedroom units that average 913 square feet.
The borrower plans on performing a full interior renovation of all the units, including bathroom and kitchen upgrades. The borrower is also planning extensive external renovations, including updating the leasing center, clubhouse, laundry facilities, landscaping, outdoor pool and other common areas. Additional property amenities such as barbeque grills and bike racks will be installed.
JLL’s Brock Yaffe placed the floating-rate bridge loan. Proceeds will be used to fund the acquisition and subsequent renovation of both unit interiors and the exterior of the property.
For comments, questions or concerns, please contact Dennis Kaiser