Dealmaker: NewPoint Provides $22.5M for Idaho Workforce Housing Development

(Rendering of The Larkspur, courtesy of NewPoint)

NewPoint Real Estate Capital, Plano, Texas, provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing for the development of a workforce housing community being built in Victor, Idaho, near the state’s border with Wyoming.

The development, called The Larkspur, is being built by Plaza Equity Partners, Miami. Ground broke last month, and there’s an anticipated completion date of mid-2025.

The Larkspur will feature 86 units.

The loan was originated by Karen Kim, a Managing Director with NewPoint, and features a 22-month construction period followed by a 40-year term. Designed to achieve certification under the National Green Building Standard, the development qualifies for an upfront and ongoing Green MIP reduction (25 bps).

“The housing supply-demand imbalance is national in scope, and there is a severe housing shortage in the Teton Region–in fact, a full 80% of area businesses report that housing is the single largest hurdle to finding and retaining qualified employees,” Kim said. “Our partners at HUD have shown that they are dedicated to addressing this issue in markets both large and small, and together with Plaza and their excellent development team, are committed to expanding access to high-quality housing for the local workforce and families.”