NewPoint Provides $22.5 Million in HUD/FHA 221(d)(4) Construction-to-Permanent Financing for Idaho Market Rate Workforce Housing Development
Victor, ID (November 2, 2023) – NewPoint Real Estate Capital (“NewPoint”) has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing to facilitate the development of The Larkspur, an 86-unit market rate workforce housing community being built in Victor, ID by Plaza Equity Partners (“Plaza”), a Miami-based real estate development company.
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 Larkspur qualifies for an upfront and ongoing Green MIP reduction (25 bps). Ground broke on October 10, 2023, with an anticipated completion scheduled for Q2 2025.
“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.”
Located within the Jackson, WY-ID micropolitan statistical area, The Larkspur is a planned three-story garden-style community with 3,000 square feet of retail space that will include a fitness club. The community will feature 29 studio units, 43 one-bedroom units, 11 two-bedroom units and three three-bedroom units. Amenities will include an outdoor fire pit, barbecue areas, bark park, bocce ball court, controlled climate storage and winter/summer sports repair and storage rooms.
“While this development is different from our typical Miami high-rise, The Larkspur holds special personal importance as someone who was born and raised in the Teton Region,” said Anthony Burns, Co-President of Plaza Equity Partners. “From our financing partners at NewPoint and HUD to our local development team, we are incredibly proud of this partnership that will bring the first new 100% market-rate development of this scale to the area.”
The Larkspur’s development team includes Headwaters Construction Co., a general contractor based in Victor, ID; Syringa Property Management, a regional multifamily manager based in Boise, ID; and AE Urbia Architects & Engineers, a full-service architecture and structural engineering firm based in South Jordan, UT.
Victor, ID is the largest city in Teton County, ID, which, along with Teton County, WY, form the Jackson ID-WY micropolitan statistical area. Victor, ID is a modest economic center and serves as a bedroom community for the travel and hospitality industries in Jackson and Jackson Hole, WY, which center around hiking, mountain biking, fly-fishing, rafting and the winter ski resorts of Jackson Hole Mountain, Snow King Mountain and Grand Targhee.
About NewPoint Real Estate Capital
NewPoint Real Estate Capital LLC ("NewPoint") is a prominent commercial real estate finance company delivering lending solutions to investors of multifamily, affordable housing, seniors housing, healthcare, and manufactured housing properties nationwide. NewPoint leverages technology, data, capital, and the expertise of its industry-leading team to provide loan origination, servicing, execution, and a suite of Agency and curated proprietary products to meet the evolving needs of borrowers. In addition to being a Fannie Mae DUS®, Freddie Mac Optigo®, and FHA/HUD MAP and LEAN Lender, NewPoint also offers proprietary bridge and affordable housing financing, as well as third-party placement solutions.
Contacts:
Elyse Bandel
NewPoint Real Estate Capital
Elyse.Bandel@NewPoint.com
917.447.0143
Michael Ratliff
NewPoint Real Estate Capital
Michael.Ratliff@NewPoint.com
917.636.3578