News Summary
Centum Capital has secured a $44 million construction loan for the Heartland Flats Apartments in Lincoln, Nebraska. This funding will facilitate the development of a multifamily residential project aimed at meeting the increasing housing demands in the region, especially given the area’s notable occupancy rates and economic growth. Construction is anticipated to be completed by November 2026, making it a timely contribution to the local housing market.
Centum Capital Secures $44 Million Loan for New Apartment Development in Lincoln
Centum Capital has successfully arranged a substantial construction loan of $44 million to fund the development of Heartland Flats Apartments, a promising multifamily residential project in Lincoln, Nebraska. This investment marks a significant step toward expanding housing options in a city witnessing robust growth.
Details of the Financing Structure
The financing package consists of a 30-month senior loan that comes with an optional extension of up to 12 months, along with a $10 million mezzanine component. This strategic arrangement has been designed to ensure comprehensive underwriting of both the project parameters and the various stakeholders involved. Centum Capital’s transaction team, led by Brady Busch and Otis Duffy, has crafted this financing plan to align high-quality sponsors with institutional capital, reflecting the firm’s goal of strengthening connections within the property development sector.
Heartland Flats Overview
Heartland Flats is set to be a 289-unit multifamily development located specifically at 1500 NW 48th Street, just six miles away from notable landmarks such as the Nebraska State Capitol and the University of Nebraska campus. The project aims to offer a diverse range of housing options, including studio, one-bedroom, and two-bedroom apartments, catering to various demographic needs and preferences.
Market Conditions in Lincoln
Lincoln’s housing market is currently thriving, supported by a strong demographic and employment growth. Recent statistics reveal that the city’s apartment market boasts a stabilized occupancy rate of 95% and has experienced over 3% rent growth in the last year. These positive market conditions have prompted increased demand for quality housing, further underlined by significant developments such as the recent opening of Lincoln Northwest High School, which has been identified as a key indicator of rising housing needs within the community.
Construction Timeline
Construction work at the Heartland Flats site is already in progress, with a targeted completion date set for November 2026. The development promises to enhance the local housing landscape, supporting Lincoln’s ongoing growth and providing residents with modern living options in a vibrant area.
Impact on the Local Community
As Lincoln continues to thrive, the addition of Heartland Flats Apartments is expected to play a crucial role in meeting the housing demands of both current and incoming residents. The project’s strategic location and the array of apartment offerings will likely attract a diverse demographic, contributing positively to the local economy and community dynamics.
Conclusion
With Centum Capital’s backing, Heartland Flats Apartments is on track to become a significant contributor to Lincoln’s multifamily housing sector, fostering growth and sustainability in an area marked by increasing demand. This project not only highlights the vital role of strategic financing in real estate development but also underscores the importance of aligning development initiatives with community needs.
Deeper Dive: News & Info About This Topic
Additional Resources
- Chicago Business: Lincoln Park Luxury Apartment Project Scores Funding
- Wikipedia: Affordable Housing
- St. Peterising: 144-Unit Affordable Apartment Community Proposed for Largo, FL
- Google Search: Affordable Housing Trends
- Union Progress: Cornerstone Project in Wilkinsburg
- Google Scholar: Affordable Housing Development
- Jackson Sun: Job Training and Assistance Grant Funding
- Encyclopedia Britannica: Real Estate
Author: Construction NY News
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