Northmarq negotiates more than $67 million in financing for two multifamily properties in Omaha, Nebraska MSA

OMAHA, NEBRASKA (January 9, 2023) — John Reed, managing director of Northmarq’s Omaha debt/equity office, secured acquisition financing of $67,291,000 for two multifamily properties containing a combined 588 units in the Omaha, Nebraska MSA. The transactions were each structured with a 7-year term with 3-years of interest only followed by a 30-year amortization schedule. Northmarq arranged the floating rate loan for the borrower, Hamilton Point Investments, LLC, through its Optigo status as a Freddie Mac lender.

“The opportunity to purchase an institutional quality, class A multifamily asset is extraordinarily infrequent in Omaha,” said Reed. “Congratulations to HPI in purchasing outstanding assets in high growth submarkets.  Freddie Mac’s ARM structure was a very good fit for this acquisition in that it offers excellent leverage and prepayment flexibility.”

Vantage at Coventry: Northmarq arranged acquisition financing of $31,672 million for Vantage at Coventry. The 294-unit/class A property (built in 2019) is located at 5575 South 206th Court in Elkhorn, Nebraska. 

The city of Elkhorn is situated on the western edge of Omaha and offers its citizens countryside peacefulness and old-town feel with all the urban comforts of Omaha within a short drive. 180th Plaza shopping center is 2.4 miles from the property and Two Rivers State Recreation Area is only 6.9 miles away. Three institutions of higher learning are within a short distance, including Metro C.C. of Omaha – Elkhorn (5.1 miles). Easy access to Highway 6, Dodge Street, and Interstate 680, insures residents have no problem taking advantage to the dining, shopping, and entertainment destinations in Omaha.

Community amenities include: Resort-inspired pool with tanning ledge seating and poolside grills, media lounge with internet café, urban clubhouse with tech center, fitness center, gated community with limited access, private detached garages available, on-site storage units available, two dog parks with pet washing station, package concierge, business center, and 24-hour maintenance. Apartment amenities include: Expansive 9-foot ceilings, modern kitchen with stainless steel appliances, decorative glass backsplashes, ceiling fans throughout, insland kitchens in select units, washer/dryer, USB wall ports, curved shower rods, spacious interior closets, private balcony/patio, and large fenced in yards in select units. 

Vantage at Stone Creek: Northmarq finalized acquisition financing of $35.619 million for Vantage at Stone Creek. The 294-unit multifamily property (built in 2019) is located at 6610 North 155th Court in Omaha, Nebraska. 

The property offers residents three shopping centers within a 5-minute drive, including Stone Creek Plaza (1.2 miles), West Point (1.9 miles), and Standing Bear Plaza (2.2 miles). The popular Glenn Cunningham Lake park is a little more than 10 miles away, and the property is only a short walk to Stone Creek Golf Course, Standing Bear Lake, and Flanagan Lake Park. Commuting into downtown and the surrounding suburbs is made easy thanks to close proximity to I-680 and HWY 6/Dodge Street. Residents can choose between a variety of modern studio, one-, two-, and three-bedroom floor plans. Families at Vantage at Stone Creek benefit from 2022 completion of a brand new, state-of-the-art high school nearby that will contain a shared YMCA. 

Community amenities include: Package service, Wi-Fi at pool/clubhouse, furnished units available, trash pickup – curbside/door-to-door, dry cleaning/laundry/maid service, grocery service, planned social activities, pet washing station, business center, clubhouse, lounge, storage space, conference room, corporate suites, fitness center, pool, bike storage, walking/biking trails, golf course, gated community, fenced lot, cabana, courtyard, grill, and picnic area. Apartment amenities include: Wi-Fi, in-unit washer/dryer, ceiling fans, smoke free environment, storage units, sprinkler system, stainless steel appliances, pantry, island kitchen, microwave, dining room, family room, office, recreation room, den, vaulted ceiling, walk-in closets, linen closet, furnished, double pane windows, balcony, patio, porch, yard, and lawn.