Finance W Minnesota

Grandbridge closes $88 million refinance for Omaha apartments

Grandbridge closes $88 million refinance for Omaha apartments,ph01

Grandbridge Real Estate Capital recently closed an $88.342 million refinance loan secured by The Atlas Apartments, a 732-unit multifamily mixed-use property in Omaha, Nebraska.

Brett Olson and Jeff Witt, in the Minneapolis office of Grandbridge, originated the permanent, fixed-rate, nonrecourse loan. The loan was funded through Freddie Mac’s lease-up program with an 11-year term and 30-year amortization.

Originally built in 1977 as a hospital, NuStyle Development fully renovated the property in 2018 and 2019 into an apartment complex. Amenities include a first-floor heated indoor pool, fitness center, sand volleyball courts, study/conferece rooms, clubhouses, fire pits and an indoor half-court basketball court.

The property also features a bicycle repair station, bike storage rooms, grilling patios, theatre room, game room and billiards lounge.