NorthMarq’s Boise office negotiates $6.05 million refinance via Fannie Mae for Canyon Falls Townhomes in Twin Falls, Idaho

BOISE, IDAHO (September 28, 2020) – Steve Hollister, senior vice president of NorthMarq’s Boise office, arranged the $6.05 million refinance of Canyon Falls Townhomes. The 80-unit multifamily property is located in Twin Falls, Idaho. The transaction was structured with a 10-year interest-only term. NorthMarq arranged financing for the borrower through its in-house Fannie Mae platform. The apartment complex was developed in late 2018 and stabilized shortly thereafter. It was 97 percent occupied at the time of funding with no collection issues due to COVID.

The subject consists of twenty two-story buildings (four units each) situated on five acres located just south of the rim of the Snake River Canyon. This location offers incredible views of the Snake River Canyon, convenient access to hiking trails and is within close proximity to retail and restaurant establishments. This area has seen strong residential and commercial growth over recent years, with a new regional medical center, high school, Wal-Mart, Walgreens, and hotels (including the Hilton Garden Inn, which is adjacent to the south of the subject). The units, developed and owned by a very experienced local developer, are four-plexes and designed with private entrances for each unit with no one living above or on two sides. This complex has been very well received and proven very appealing to renters. 

“NorthMarq/Fannie Mae won this business by providing an exceptional interest rate for a full-term interest-only loan with a waiver of a debt service reserve, replacement reserves, taxes and insurance escrows. The loan was also fully non-recourse to the borrower with no carve-out guarantee. NorthMarq’s Fannie Mae team provided a flawless execution,” said Hollister.