Thomas Development Co., a multifamily real estate developer based in Boise, Idaho, acquired a low-income senior apartment community in nearby Caldwell thanks to financing secured by Sarah Geis and Kevin Ruf of KeyBank Community Development Lending and Investment.
The community is brand new and features 48 units comprised of 32 one-bedroom and 16 two-bedroom units. The two-story building also has a community room, exercise rooms, a library and management office. Forty-one of the apartments are restricted to residents earning 40% to 60% of the area median income, and the remaining seven units are market rate. Tomlinson Associates is the operator, and a manager will live on site.
To fund the acquisition, ownership obtained $1 million of HOME funds from HUD, $240,000 of seller financing and a $190,000 tax-exempt loan. CREA is the low-income housing tax credit investor. In addition, the KeyBank team secured $3.5 million in other financing.