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 Construction Loan for Heartland Flats Apartments in Lincoln
Centum Capital has successfully arranged a substantial construction loan of $44 million for the development of Heartland Flats Apartments in Lincoln, Nebraska. This project is set to improve the multifamily housing landscape in the region by offering a total of 289 units designed to meet the growing housing demands of the Lincoln area.
The financing structure includes a 30-month senior loan with an option for a 12-month extension, along with a $10 million mezzanine component. The strategic financing aims to integrate high-quality sponsors with institutional capital, ensuring a solid foundation for investors and stakeholders alike.
Brady Busch and Otis Duffy spearheaded the transaction team at Centum Capital, focusing on a financing strategy that emphasizes the importance of comprehensive underwriting. This strategy takes into consideration the project’s parameters and the key stakeholders involved, allowing for a high level of confidence among all parties.
Heartland Flats is strategically located at 1500 NW 48th Street, placing it just six miles from the Nebraska State Capitol and the University of Nebraska campus. This prime location enhances the project’s appeal, catering to the working population and students in the area who seek quality housing options.
Apartment Features and Development Progress
The Heartland Flats development will feature a diverse mix of apartments, including studio, one-, and two-bedroom units. This variety is expected to appeal to a wide range of potential tenants, making it a significant addition to the local housing market. Currently, construction is in progress, with completion slated for November 2026.
Market conditions in Lincoln further bolster the viability of this project. The city has recently experienced strong demographic growth and increasing employment opportunities. According to local experts, the Lincoln metro area boasts a notably high 95% stabilized occupancy rate, coupled with a over 3% rent growth over the past year. This favorable market climate affirms the demand for new housing developments like Heartland Flats.
Indicators of Rising Demand
The recent opening of Lincoln Northwest High School serves as a significant benchmark for rising demand in the area. As educational institutions expand and an influx of residents seeks accommodation, the demand for quality multifamily housing continues to increase. This context supports the optimistic outlook for Heartland Flats, positioning it as a desirable option for future residents.
Commitment to Connecting Developers with Supportive Partners
Centum Capital’s commitment to connecting top-tier developers with reliable capital partners underscores the firm’s role in facilitating successful real estate projects. By prioritizing high-quality sponsorships and comprehensive underwriting measures, they are effectively fostering a conducive environment for development initiatives in Lincoln.
As construction moves forward, Heartland Flats promises to become a key player in Lincoln’s multifamily housing sector. With its strategic location, diverse apartment options, and the supportive market environment, it aims to cater to the evolving housing needs of the community for years to come.
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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
