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2/14/23
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Hawkins Companies secured $56 mil in construction financing for the development of Canyon Ridge, a five-building, 287-unit multifamily project located at 2454 E Gowen Rd in Boise, Idaho. The lender is Sunwest Bank.
Canyon Ridge will consist of five mid-rise, wood framed residential buildings, which will surround a resident-only resort style outdoor pool, dog park, two playgrounds, and a 6k sf clubhouse. The project’s state-of-the-art amenity center also includes a coworking lab, covered barbecue with indoor/outdoor fireplace, fitness center and other common areas.
Canyon Ridge is close to the 161-acre Simplot Sports Complex and the Columbia Market Place retail center next door. It is also adjacent to the world headquarters of a leading semiconductor company that is also one of Idaho’s largest employers.
The project is situated just two miles from the Boise Airport and six miles from the core of Boise’s business district and nightlife. Located at the base of the Boise foothills, Canyon Ridge also offers views and access to the Boise mountain range, Lucky Peak State Park, and the Owyhee Mountains.
Dave Karson, Chris Moyer, Paul Roeter, and Meredith Donovan with Cushman & Wakefield represented the borrower in the transaction. Hawkins Companies is headquartered in downtown Boise with an additional office in Phoenix, Arizona. Pre-leasing is scheduled to commence in the spring of 2024 with construction scheduled to be completed in May 2025.
“Canyon Ridge is being constructed by an experienced developer with long-time roots in Boise combined with exceptional local market knowledge and experience,” said Moyer. “Boise is a growing market and often ranks as one of the best places to live and work in the U.S. by multiple sources. The project has been designed to attract professional tenants by offering efficiently sized units, extensive amenities and a desirable location that is walkable to major employers and recreation centers.”
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