Construction will start June 26 on the long anticipated 81-unit Fifth and Idaho Apartments in Old Boise.
The project has secured a $14 million construction loan from CBRE Capital Markets, the Seattle office of the real estate finance firm announced.
Project developers Dean Papé and Peter Oliver and majority owners Clay Carley and Tim Gibson walked the project through the city resign review process in 2015 intending to complete the five-story building by the end of 2016. Papé said working through the financing and agreements with the Capital City Development Corp. and city of Boise took longer than expected.
CCDC in June 2015 agreed to reimburse up to $1.24 million to build a pocket park and do streetscape and alley improvements. The developers granted an easement to the city to allow for the public pocket park.
ESI Construction of Meridian is the general contractor and Hummel Architects of Boise partnered with GGLO of Seattle as the architects.
“We appreciate CBRE’s efforts to secure financing for this exciting new development,” Papé said in a news release. “The financing package was well suited to meet the goals of the project.”
Papé and Oliver are partners in Fifth and Idaho Investment LLC, which will manage the loan. Papé is also a partner at deChase Miksis, a Boise and Eugene, Ore., development firm.
The loan was funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program.
HUD stipulates that all families are eligible to occupy 221(d)(4) homes and there are no income limits. 5th and Idaho will offer market-rate apartments, according to the CBRE release.
Fifth and Idaho will have studio, one-bedroom, two-bedroom and loft units, 66 underground parking spaces and 11 surface parking spaces. The ground floor will have retail space, according to the release.
Editor’s note: This article was updated at 10:10 a.m. June 23 with additional information about the Capital City Development Corp. involvement in the project.