Biz ‘Bite:’ $68M financing for Village Apartments in Meridian

National real estate finance and investment management firm PCCP LLC announced that it has financed a $68 million senior construction loan to a joint venture between the Rockworth Companies and the Gasser Family to build a Class A, 336-unit apartment community next door to the Village at Meridian shopping mall.

Construction on the Village Apartments is planned to begin in the latter half of 2022 with completion expected in fall 2024. Situated on 11.4 acres, the garden-style community will consist of six four-story, elevator-serviced residential buildings with enclosed corridors and a central clubhouse with a leasing office. Units will average 846 square feet with a mix of one-, two- and three-bedroom floorplans finished with stainless steel appliances, tiled bathroom flooring, vinyl plank floors, solid surface counters and in-unit washers and dryers. Amenities include a pool, spa, fitness center, lounge, community kitchen, game room, pickleball court, playground and bike-repair area.

“PCCP saw this as an opportunity to lend to an experienced partner on this Class A development in a city that has been experiencing strong growth and demand for rental product over the past several years,” said Alexandra Schultz, vice president with PCCP. “The city of Meridian has been a preferred residential area with highly ranked schools, favorable amenity base and access to both the economic centers of Boise and Nampa.”

Meridian is the second-largest municipality in the state. While multifamily inventory has more than doubled in the past five years, it has been readily absorbed, and vacancy is below 5%.

Since its inception in 1999, Rockworth has acquired, developed and managed mixed-use office, retail and multifamily assets throughout the intermountain west and has managed and consulted over 2,500 units across 20 projects. Rockworth’s construction arm will also be serving as the general contractor during development.

PCCP LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments with $18.2 billion in assets under management on behalf of institutional investors. It has offices in New York, San Francisco, Atlanta and Los Angeles. The firm has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements.