OMAHA, NEBRASKA (March 5, 2020) – John Reed, managing director and Bob Chalupa, senior vice president of NorthMarq’s Omaha office arranged the $19.29 million refinance of Wilderness Hills Flats. The 168-unit multifamily property is located at 3055 Crescent Drive in Lincoln, Nebraska.
Wilderness Hills Flats is situated in southwest Lincoln within the Wilderness Hills commercial development offering access to upscale shopping and entertainment. Additionally, the subject is located less than half a mile from South Point Pavilions that offers an additional 50-plus stores, restaurants, and movie theater.
“Wilderness Fills Flats is a recently completed, highly amenitized property. NorthMarq arranged a Fannie Mae loan that allowed our good client to lock rate and close prior to stabilization. Fannie Mae has an exceptional permanent financing execution when a property has achieved 75 percent occupancy on a strong leasing trajectory. Also, Fannie Mae’s ability to execute a 15-year interest only loan materially improves property cash flow,” said Reed.
– 15-year interest-only term
– NorthMarq arranged financing for the borrower through its in-house Fannie Mae team.
– Apartment amenities: Two-inch wood blinds, nine-foot ceilings, all LED lighting, hardwood-style flooring, balconies, digital thermostat, great views, pendant lighting, upscale Grohe-brand faucets, stainless-steel dishwasher, stainless steel refrigerator and washer/dryer included in every apartment.
– Community amenities: Bike-repair station, cat and dog friendly, controlled-access building entry, dog park, outdoor grills, smoke-free community/building, storm shelter, trash chutes on every floor, yahoo-spin studio with on-demand classes, package service, maintenance on site.