Nebraska

Lerner Co. to Develop NorthStar Crossing Project in Lincoln, Nebraska

by Kristin Harlow February 19, 2021

LINCOLN, NEB. — The Lerner Co. will develop NorthStar Crossing, a retail and commercial project at the corner of 27th Street and Folkways Boulevard in Lincoln. Situated immediately in front of North Star High School, the 50-acre project will ultimately include up to 500,000 square feet of commercial space. The site has sat vacant for 30 years. The Lincoln Planning Department approved the use permit for the project in January. Construction is expected to commence later this month, with the first tenants slated to open in early 2022. Lerner was also the developer behind Lincoln Crossing, a shopping center located one block away from the new project site.

February 19, 2021

Development Midwest Multifamily Nebraska Student Housing

Campion Devco to Develop 575-Bed Student Housing Project in Lincoln, Nebraska

by Kristin Harlow February 16, 2021

LINCOLN, NEB. — Campion Devco LLC is developing LivRed, a 575-bed student housing project near the University of Nebraska-Lincoln in Lincoln. The seven-story building will offer furnished one-, two-, three- and four-bedroom units. Community amenities will include a fitness center, package room, parking garage, private study rooms, gaming areas and lounges. The project team includes Sampson Construction, Grace Hebert Curtis Architects, ETI and REGA Engineering. Scott Clifton, Stewart Hayes, Teddy Leatherman and Dan Kearns of JLL Capital Markets sourced a joint venture partner in Tailwind Group for the project. A timeline for construction was not disclosed.

February 16, 2021

Loans Midwest Nebraska Office

CIT Provides $10.1M Construction Loan for Nebraska Office Building

by Kristin Harlow February 12, 2021

FREMONT, NEB. — CIT Group Inc. has provided a $10.1 million loan for the construction of a new owner-occupied office building in Fremont, about 40 miles northwest of Omaha. The borrower, WLG Fremont LLC, will use the financing to construct a 54,000-square-foot office building to serve as the new headquarters for RTG Medical, a veteran-owned healthcare staffing agency supporting medical facilities nationwide. In connection with the financing, CIT is also providing a package of treasury management and capital markets services. Treasury management refers to managing a firm’s liquidity and mitigating risk. The project is being developed under the federal new markets tax credit program with Chase Community Equity, Chase New Markets Corp., Hampton Roads Ventures, Massachusetts Housing Investment Corp. and Evernorth Rural Ventures.

February 12, 2021

Acquisitions Illinois Indiana Midwest Multifamily Nebraska Wisconsin

Newmark Negotiates $100M Sale of Manufactured Housing Community Across Five States

by Kristin Harlow January 27, 2021

ILLINOIS, INDIANA, KENTUCKY, NEBRASKA AND WISCONSIN — Newmark has negotiated the sale of the Midwest MHC Portfolio for $100 million. The portfolio spans 21 manufactured housing communities comprising 2,789 sites throughout Illinois, Indiana, Kentucky, Nebraska and Wisconsin. The portfolio was 83 percent occupied at the time of sale. Andrew Shih and Todd Fletcher of Newmark’s Manufactured Housing Group represented the undisclosed seller. Salt Lake City-based private investment group OZ Impact Funds was the buyer.

January 27, 2021

Acquisitions Midwest Nebraska Retail

98,837 SF Shopping Center in Omaha Trades Hands for $12.7M

by Kristin Harlow January 21, 2021

OMAHA, NEB. — The 98,837-square-foot 72nd Crossing Shopping Center in Omaha has traded hands for $12.7 million. Situated in the 72nd Street Corridor, the property was fully leased at the time of sale to tenants such as Michaels, PetSmart, Big Lots and Dunkin’. Ember Grummons of Investors Realty represented the seller, NewStreet Properties. Jason Taylor of Equity Management Group represented the buyer, Kentucky-based LVP Center LLC.

January 21, 2021

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $24M Refinancing for Multifamily Property in Lincoln, Nebraska

by Kristin Harlow January 13, 2021

LINCOLN, NEB. — NorthMarq has arranged a $24 million loan for the refinancing of Flats at Shadow Creek in Lincoln. The 219-unit multifamily property is located at the intersection of 90th and O streets. Amenities include a pet wash station, clubhouse, fitness center, yoga studio, pool, hot tub and outdoor grills. John Reed of NorthMarq arranged the fixed-rate loan, which is fully amortized over 25 years. A life insurance company provided the loan.

January 13, 2021

Loans Midwest Multifamily Nebraska

NorthMarq Provides $36.2M Refinancing for Multifamily Portfolio in Lincoln, Nebraska

by Kristin Harlow January 6, 2021

LINCOLN, NEB. — NorthMarq has provided a $36.2 million Freddie Mac loan for the refinancing of a three-property multifamily portfolio in Lincoln. The properties, totaling 443 units, include Chateau Terrace, Alena Court and Sherman Village. Bob Chalupa of NorthMarq originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.

January 6, 2021

Industrial Market Reports Midwest Midwest Market Reports Nebraska

Omaha Industrial Market Dips Toe into Modern Speculative Development

by Kristin Harlow November 19, 2020

By Kevin Stratman, CCIM, SIOR, Investors Realty Like many metropolitan areas, new construction has been the recent theme in Omaha’s industrial market. Since 2015, the Omaha market has delivered almost 5 million square feet of new flex, industrial and warehouse properties. This is significant, considering the market as a whole is only about 90 million square feet. Equally impressive, the market has kept the vacancy rate below 4 percent despite all this growth. A bulk of this development has taken place in the popular Sarpy West submarket on the southwest side of the metro area along the I-80 corridor. Notwithstanding all of this construction, the market continues to have a lack of opportunities for users of all sizes. At the time of this writing, there are only 10 vacancies in existing properties for lease that are greater than 50,000 square feet. Only one of those vacancies is in a modern warehouse building. Both national and local tenants alike are shocked to find the limited number of spaces available to them. Which begs the question, why is there so little speculative construction in Omaha? Omaha has always been a more conservative economy. The market might not see the high of highs …

November 19, 2020

Market Reports Midwest Midwest Market Reports Multifamily Nebraska

Omaha’s Strong Multifamily Market Fundamentals Drive Investment Sales Activity

by Kristin Harlow November 12, 2020

By Jason Kinnison, NorthMarq The Omaha multifamily market’s occupancy, rents and new construction activity remain stable despite the economic uncertainty surrounding the COVID-19 pandemic. As a solid Midwestern market, Omaha’s apartment sector remains strong due to its healthy market fundamentals, including a strong employment base and a highly educated workforce. Omaha boasts an approximate 94.9 percent occupancy rate and consistently has a steady supply of roughly 1,500 new units delivered annually. New construction activity has historically been at an absorbable pace, however, there has been a slight lag in absorption recently, which has the potential to compress occupancy levels as well as asking rents. Multifamily rent collections remained strong in the second quarter, supported in part by the increased unemployment benefits offered to renters who lost jobs and the government-sponsored stimulus initiatives. Additionally, federal eviction bans were enacted. Omaha’s multifamily real estate property values continue rising and capitalization rates remain low. Over the last five to seven years, Omaha has experienced an increase in multifamily investment sales activity. Historically, the market has been controlled by local investors with a buy-and-hold mentality. However, as valuations have risen and activity has increased in investment sales, there has been a shift to more …

November 12, 2020

Loans Midwest Multifamily Nebraska

Columbia Pacific Advisors Provides $28.4M Refinancing for Multifamily Asset in Omaha

by Kristin Harlow November 6, 2020

OMAHA, NEB. — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $28.4 million loan for the refinancing of Legacy Crossing in Omaha. The borrower, Vukota Capital Management, will use the funds to refinance existing debt as well as renovate a number of units and common areas. Legacy Crossing consists of 408 units across 17 garden-style apartment buildings. The community offers a number of amenities such as a fitness center, tennis court, pool, playground and business center. Avantic Residential is the property manager. Jason Kahn of Meridian Capital Group arranged the loan, terms of which were undisclosed.

November 6, 2020

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