CBRE Arranges $39.65 Million in Construction Financing for Multifamily Properties in Oregon and Idaho

30 Aug 2021

Meritage West

CBRE has secured $39.65 million in construction financing for the development of Redpoint Apartments, a 192-unit market-rate multifamily community in Redmond, Ore. and Meritage West, an 83-unit market-rate multifamily community in Boise, Id.

Bruce Francis, Doug Birrell, Shaun Moothart and Bob Ybarra of CBRE arranged the loans on behalf of the developer, Pacific Partners Residential, an Idaho-based multifamily development firm.

Located at 1329 SW Pumice Avenue, Redpoint will be comprised of 16 apartment buildings, four townhome buildings and one clubhouse on a 10.54-acre lot. The 193,068 square-foot property will have a mix of one-, two- and three-bedroom apartments, as well as two-bedroom townhome units.

Meritage West is located at 13450 W. Baldcypress Street, adjacent to one of Boise’s most prominent shopping centers, The Village at Meridian. The 67,750 square foot, four-story building will be constructed on a 2.43-acre lot. The unit mix will consist of studio, one-, two- and three-bedroom apartments.

Amenities at each project include a resort-style outdoor pool and spa, clubhouse with lounge areas, game room, fitness center, secure parcel room and pet spa. Redpoint will also feature a dog park, playground and bocce ball courts. Construction has commenced on both properties.

"Redpoint and Meritage West will be exceptional additions to their respective communities, with their best-in-class amenities and superior locations, these beautifully designed developments will provide much-needed housing to the region,” said Mr. Francis, CBRE.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.