Draper and Kramer’s Commercial Finance Group closes $9.01 million HUD refinance loan

admin//May 31, 2023

Draper and Kramer

Nampa, Idaho (IBR file photo).

Draper and Kramer’s Commercial Finance Group closes $9.01 million HUD refinance loan

admin//May 31, 2023

NAMPA, ID — Draper and Kramer, Incorporated, a national full-service real estate firm, has closed a $9.01 million 223(f) HUD refinance loan on behalf of Providence Holdings, LLC  for Sunnyvale Village, a recently constructed multifamily rental community at 15680 N. Draycot Lane in Nampa.

Draper and Kramer, which holds the oldest active HUD multifamily license in the country, is the lender for the refinance. The transaction retired the construction debt for the first two phases of the project, which includes 56 market-rate units. Upon completion, the multi-phase community will consist of over 300 units.

The first two phases of Sunnyvale Village comprise 14 two-story buildings, with a mix of two-bedroom, two-bath single-level apartment flats and two-bedroom, two-bath, and three-bedroom, three-bath two-story apartments. All units feature kitchens with granite countertops and stainless-steel appliances including dishwashers; in-unit laundry; vinyl flooring; and ceiling fans.

On-site amenities include exterior parking and package delivery service, and a pool, clubhouse and fitness center are currently under construction. Situated in a neighborhood setting, the community is near multiple restaurants and shopping options, grocery stores, movie theaters, parks and educational institutions.

“Sunnyvale Village is an exceptional asset, filling demand for quality, new-construction multifamily housing in a rapidly growing submarket,” said Slonim. “In this period of rising interest rates, we were able to provide a 35-year, fully amortizing execution at a low, fixed rate to take out the construction debt of the first two phases and create value for subsequent phases of the project.”

Nampa is the third most populous city in Idaho and one of the fastest growing areas in the country, according to the U.S. Census Bureau. 

“This financing allows us to continue to deliver much needed housing to the Treasure Valley,” Don Hubble, owner and developer of Sunnyvale Village, said. “Draper and Kramer, along with the rest of the team, were professional and experienced, and available at every turn in the process.”