Airport Plaza
Cash-Out Bridge Financing Request · Boise, ID
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Floating-rate (SOFR + spread), full-term interest-only, 2+1 years — sized to a 70.8% loan-to-stabilized-value with reserves structured in. Targeted closing Q2 2026.
| Loan terms | Detail |
|---|---|
| Loan amount | $7,250,000 |
| Purpose | Stabilization bridge / cash-out refi |
| Structure | Floating — SOFR + spread, I/O |
| Term | 2 + 1 years (24 mo + 12 mo ext) |
| Leverage (LTV) | 70.8% of stabilized value |
| Debt yield — in-place / stabilized | ~8.5% / ~9.3% |
| Targeted closing | Q2 2026 |
| Credit profile | Detail |
|---|---|
| In-place NOI | ~$615,000 |
| Stabilized value (6.25% cap) | $10.24MM |
| Day-1 DSCR (9.0% I/O) | ~0.93x |
| Path to 1.0x+ coverage | Within 6 months |
| Interest reserve | $330,000 structured in |
| Permanent take-out | 12–18 months post-close |
goKaizen Capital, on behalf of Shannon Robnett Industries, presents Airport Plaza — a 44,571 SF office building in Boise's established commercial corridor near Boise Airport. The asset is anchored by a 20-year U.S. Government (FAA) lease running through October 2040, credit tenancy of a quality rarely found at this price point. Armstrong Transport Group has signed a 63-month lease for roughly 12,000 SF at $25.00/SF with annual escalations, and Regus/IWG selected the fourth floor for a 10-year managed coworking operation — institutional validation of the asset's positioning.
Physical occupancy stands near 73% with a contracted path to 100% leased at stabilization. The income story steps in three moves: roughly $615,000 of NOI in place today, ~$640,000 as the Armstrong lease normalizes, and $674,190 at full pro forma stabilization. The sponsor — a vertically integrated Meridian, Idaho developer with roughly $85MM of assets across nine properties — keeps its corporate headquarters in the building and has self-funded $200K+ of FF&E. Proceeds retire ~$3.26MM of existing debt and return ~$4MM to the sponsor, with a permanent refinance targeted within 12–18 months of close.
Ten tenants across government, professional services, and corporate sectors — with the three anchors contracted years and decades out.
A 20-year U.S. Government lease through October 2040 — income stability and credit quality atypical for the asset class.
Armstrong Transport signed 63 months on ~12,000 SF with annual escalations; certificate of occupancy expected April 2026.
A global coworking operator selected the 4th floor (6,829 SF) on a 10-year managed agreement — third-party proof of positioning.
Government, professional services, and corporate tenants reduce single-tenant concentration risk.
Clear path from current physical occupancy to full stabilization — the upside is lease-up, not speculation.
Sponsor self-funded furniture and fixtures from equity and runs its own headquarters in the building.
T-12 reflects the pre-Armstrong, pre-Regus building. The pro forma is the contracted lease-up at work.
| Pro forma build-up | Stabilized |
|---|---|
| Gross potential rent | $800,000 |
| Vacancy & credit loss (5%) | ($40,000) |
| Regus net revenue (est.) | $100,000 |
| Effective gross income | $860,000 |
| Total operating expenses | ($185,810) |
| Stabilized net operating income | $674,190 |
| Lease comparables | Profile | Rent / SF | Cap rate |
|---|---|---|---|
| Banner Bank Building — 950 W Bannock St | Class A · 57,135 SF | $23.50 | 5.75–6.5% est. |
| Explorer Dr Corridor — 12585 W Explorer Dr | 2005–15 · 50,000+ SF | $23–26 | 5.75–6.5% est. |
| Subject — Armstrong lease, signed | ~12,000 SF · 63 mo | $25.00 | — |
| Sales comparables | Size | Price | $ / SF · cap |
|---|---|---|---|
| Renown Health Office Bldg, Boise — Q3 2024 closed | 50,400 SF | $6,000,000 | $119/SF · 6.5–7.5% est. |
| Downtown Boise office condo (Wilson Sonsini tenant) | 2,200 SF | $703,000 | $320/SF · 6.0% |
| Boise Class A office — active listing | — | — | 6.36% asking cap |
Closed and active comps establish a 6.0–6.5% stabilized cap environment in Boise — the valuation basis behind the $10.24MM stabilized value.
Boise's established commercial corridor near the airport — Treasure Valley access, a growing tech sector, and a state-government employment base.
A fourth-generation realtor and second-generation builder, Shannon Robnett has spent 35+ years on both sides of the real estate equation — and runs the full cycle in-house: Shannon Robnett Industries (capital and sponsorship), Phoenix Commercial Construction (25+ years at the helm — police and fire stations, city halls, schools, office, and industrial), and Executive Management Services (property management). The portfolio spans $425MM+ of completed construction, $125MM under active management, and $70MM+ of investor capital raised.
Alignment at Airport Plaza is structural: the sponsor self-funded $200,000+ of FF&E from equity and operates Shannon Robnett Industries' own headquarters inside the subject property. Stress-tested: when a capital partner withdrew from a $20MM project without warning, Robnett raised $22.4MM in 81 days.
Track-record figures per Shannon Robnett Industries (shannonrobnett.com).
The sponsor is seeking a lender able to execute a floating-rate, full-term interest-only 2+1 structure against a federally anchored, stabilizing asset — targeted closing Q2 2026. Terms, timeline, and diligence on request.
