LFB Ventures was approached by a repeat borrower who was looking to acquire and build 57 townhome units in Kuna, Idaho. Kuna is a city within Ada County, and is part of the larger Boise statistical area. It is currently one of the fastest growing areas in Idaho.
At time of acquisition, the project was fully approved, had most of the site development work completed, with streets in place and utilities stubbed to curb. The project offers three different floor plans with an average home size of 1,154 square feet. Given the growing demand in the area and lack of supply, the price point averaging in the mid $300s will allow our client to come out of the gate with a large number of starts to capture pent up demand and decrease the amount of time it takes to build through the community. The project financing offered 90% leverage, which financed both the acquisition, and construction of all 57 units.