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 Obtains $44 Million for Heartland Flats Apartments in Lincoln
Centum Capital has successfully secured a significant construction loan amounting to $44 million for the development of the Heartland Flats Apartments in Lincoln, Nebraska. This financing is poised to kickstart the creation of a new multifamily residential space that will contribute to the growing housing market in the area.
Details of the Financing Arrangement
The financial package for Heartland Flats includes a 30-month senior loan that offers an optional 12-month extension. Additionally, there is a $10 million mezzanine component involved, which underscores the diverse financing strategy Centum Capital employs to accommodate various aspects of real estate development. The focus of this funding solution lies in pairing top-notch sponsors with institutional capital, emphasizing a deep understanding of the project parameters and stakeholders.
Team Behind the Financing
The transaction team from Centum Capital, led by Brady Busch and Otis Duffy, has been instrumental in orchestrating this financing deal. Their approach integrates comprehensive underwriting processes that ensure a robust understanding of the venture. Duffy highlighted the firm’s commitment to linking high-quality developers with supportive capital partners, which is critical for successful development.
Location and Development Features
Heartland Flats will be located at 1500 NW 48th Street, conveniently situated just six miles from the Nebraska State Capitol and the University of Nebraska campus. This prime location positions the development strategically within an area experiencing notable demographic and employment growth. The project aims to offer a variety of living arrangements, including studio, one-, and two-bedroom apartments, catering to a wide range of tenants.
Market Conditions in Lincoln
Recent insights into the Lincoln housing market indicate a flourishing environment for new developments. Currently, the market reports a remarkable 95% occupancy rate, highlighting a robust demand for rental properties. Additionally, rent growth in the area has exceeded 3% over the past year, signifying healthy economic trends that further support the viability of the Heartland Flats project.
Community Developments and Future Prospects
The opening of Lincoln Northwest High School is seen as a significant milestone, suggesting a growing community that will likely attract more residents and increase the demand for housing. This educational investment aligns with the broader market dynamics that make the Heartland Flats project timely and relevant for the local economy.
Construction Timeline for Heartland Flats
Construction on Heartland Flats is currently in progress, with completion anticipated by November 2026. This timeline reflects the strategic planning involved in the project and the commitment to delivering a high-quality residential option in Lincoln.
Conclusion
The successful acquisition of a $44 million construction loan by Centum Capital for Heartland Flats Apartments marks a significant advancement for multifamily housing in Lincoln, Nebraska. With favorable market conditions, a strong demand for residential units, and a well-structured financing strategy, the project is well-positioned to meet the needs of a growing community while contributing to the regional economic landscape.
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
