ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $67 million loan to fund the development of Boardwalk Apartments (the “Property”) in Garden City, Idaho.
The plan is to develop a mixed-use, mid-rise structure consisting of 234 rental units, 17,000 square feet of commercial space and 312 parking spaces. Once constructed, amenities will include a roof deck, pickle ball courts, a playground and 16,000 square feet of open plaza space on the ground level.
“Located along the scenic Boise River and River Greenbelt, Boardwalk Apartments will offer a multifaceted, walkable community for residents while providing easy access to the central business district of downtown Boise,” said ACRES Chief Executive Officer and President Mark Fogel.
The loan was provided to Vida Properties, a developer based in Boise, ID and was arranged by Gary Mozer of George Smith Partners. Chris Hetzel of ACRES’ Philadelphia office originated the loan.
