LFB Ventures was approached by a repeat borrower who was looking to acquire, develop and build 240 homes in Knowlton Heights, Idaho. Knowlton Heights is a community within Canyon County, that sits west of Boise and east of the Snake River. It is part of the larger Boise statistical area.
At time of acquisition, the project was entitled with a development agreement in place for 240 units per acre, on a total project size of 240 gross acres. The site was in raw condition with some level of topography change which offers views to the south and some varying change in the community layout. Prior to its entitlement, the site was used as irrigated farmland. The project offers seven different floor plans with an average home size of 2,118 square feet. The financing provided offers our client the capital to acquire the site, develop the first 145 lots and build the first 20 homes. LFB will provide additional financing to complete the remaining project on a rolling, phased basis.