VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing for the development of The Larkspur, an 86-unit market rate workforce housing community in Victor. Plaza Equity Partners, a Miami-based real estate development company, broke ground on the project in October. The loan was originated by NewPoint’s Karen Kim, and features a 22-month construction period followed by a 40-year term.
The Larkspur is a planned three-story garden-style community. The property will offer studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor fire pit, barbecue areas, bark park, bocce ball court, controlled climate storage and sports equipment repair and storage rooms. The development is scheduled for completion in the second quarter of 2025.
The development team for the community also includes Headwaters Construction Co., a locally-based general contractor; Syringa Property Management, a regional multifamily manager based in Boise, Idaho; and AE Urbia Architects & Engineers, an architecture and structural engineering firm based in South Jordan, Utah.