(May 30, 2023)
Draper and Kramer, Incorporated, a national full-service real estate firm, today announced a team led by Vice President Michael Slonim of Draper and Kramer’s Commercial Finance Group (CFG) 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, Idaho. 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.”
Located 20 miles west of Boise, 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,” said Don Hubble, owner and developer of Sunnyvale Village. “Draper and Kramer, along with the rest of the team, were professional and experienced, and available at every turn in the process.”
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 125 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years and today spans expertise in residential and commercial development, acquisition, property management and leasing; debt and equity financing for commercial properties; and residential mortgage services through affiliate Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S., including corporations; private and institutional owners and users of real estate; government agencies; and foundations. For more information, visit www.draperandkramer.com.
About the Commercial Finance Group (CFG)
For more than 125 years, Draper and Kramer, Incorporated, has sourced commercial real estate debt and equity used to acquire, develop, renovate, refinance and recapitalize assets across property sectors and markets throughout the U.S. Today, through its Commercial Finance Group (CFG), the company continues that tradition with innovative financing solutions at all levels of the capital stack that are offered to third-party clients and used by Draper and Kramer for its own investments. As a service- and relationship-driven business, CFG prides itself on longstanding partnerships with more than 25 life insurance companies, some of which date back more than a century. For more information, visit www.draperandkramer.com/what-we-do/commercial-finance-group/.
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Editors:
For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.
