Centum Capital Secures $44 Million for Heartland Flats Apartments

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 Heartland Flats Apartments in Lincoln, Nebraska

Centum Capital has announced a significant financial deal, securing $44 million in construction funding for the development of Heartland Flats Apartments. This new multifamily project, which will feature 289 residential units, is strategically situated in Lincoln, Nebraska, a rapidly growing area with positive economic indicators.

Funding Details and Strategy

The financing package includes a 30-month senior loan with an optional extension period of 12 months, accompanied by a $10 million mezzanine component. This structured financing plan is designed to connect high-quality developers with institutional capital, ensuring a smooth process for all stakeholders involved in the project.

Brady Busch and Otis Duffy from Centum Capital led the transaction team, focusing on a financing strategy that emphasizes thorough underwriting of project parameters and the stakeholders involved. By aligning the interests of top developers with supportive capital partners, Centum aims to enhance the overall quality of the project while minimizing risks.

About Heartland Flats Development

Heartland Flats will be located at 1500 NW 48th Street, conveniently positioned just six miles from both the Nebraska State Capitol and the University of Nebraska campus. The development promises a variety of living options, offering studio, one-, and two-bedroom apartments designed to meet diverse tenant needs.

Lincoln’s metro area has shown strong demographic growth and a robust job market, contributing to the demand for new residential properties. The city’s current housing landscape is encouraging for developers, making Heartland Flats a timely addition to the local community.

Market Conditions

The financial outlook for Lincoln remains positive, highlighted by a stable occupancy rate of approximately 95% in existing multifamily properties. Additionally, the area has experienced over 3% rent growth in the past year, signaling a healthy rental market and sustained demand for apartment units. The recent opening of Lincoln Northwest High School is seen as a significant marker of the growing need for housing in the region, underscoring the viability of the Heartland Flats project.

Construction Timeline

Construction for Heartland Flats is already underway, with an estimated completion date set for November 2026. The timeline reflects the developers’ commitment to bringing this substantial project to fruition in a timely manner, which is essential given the pressing demand for additional housing options in Lincoln.

As the Heartland Flats Apartments develop, stakeholders anticipate it will not only enhance the local residential landscape but also contribute positively to the community by providing quality housing options in a thriving area.

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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