Dealmaker: George Smith Partners Secures $67M for Idaho Mixed-Use Project

George Smith Partners, Los Angeles, arranged $67 million, or $286,324 per unit, in non-recourse construction financing for a 234-unit mixed-use development in Garden City, Idaho.

Idaho mixed-use property illustration courtesy George Smith Partners.

GSP Principal/Co-Founder Gary Mozer, Principal Managing Directors Jonathan Lee and Shahin Yazdi, Senior Vice Presidents Evan Kinne, Ed Steffelin and Miles Musalman and Assistant Vice President Blair Lewis closed the transaction.

When completed, the mixed-use development will sit on the edge of the Boise River Greenbelt with views overlooking the water, Boise city and the surrounding mountains. It will include eight retail establishments and 16,000 square feet of open public plaza gathering space. GSP noted the project will provide much-needed housing to the supply-constrained Boise metro, which has seen double-digit rent growth in recent years.

This mid-construction project had the horizontal construction work completed. GSP was brought in to secure a debt provider to recapitalize the development and see it through completion. GSP identified a capital partner that provided a 30-month loan at LIBOR plus 700 basis points. The financing closed in mid-April at an 85 percent loan-to-cost ratio.

The sponsors expect to begin leasing in second-half 2023.