Hines JV Lands $76M for Omaha Refi
The upscale Brickline at The Mercantile came online last year.
A joint venture between Hines Interests and Cresset Real Estate Partners has obtained $75.5 million to refinance Brickline at The Mercantile, a 379-unit luxury community in Omaha, Neb. Northmarq arranged the 8-year, permanent fixed-rate loan through its proprietary Fannie Mae DUS platform. The CMBS loan carries an interest rate of 5.81%, according to Yardi Matrix info.
The venture broke ground on the property in 2020 and completed it last year. Previous financing included three construction loans originated by First National Bank of Omaha totaling $52.5 million, according to the same data provider.
The community is the first phase of a larger development dubbed The Mercantile. The project is slated to feature additional residential buildings, a boutique hotel, office space and a 720-spot parking structure.
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The mid-rise includes studio, one-, two- and three-bedroom layouts, ranging from 468 to 1,669 square feet, as well as a 35-foot-wide plaza and 42,000 square feet of retail space. Apartments feature walk-in closets and private balconies.
Common-area amenities at the more than 4-acre property include a swimming pool, fitness center with yoga and spin studio, outdoor grills and dining area, clubroom and sports lounge with game simulator, resident library and coworking space. The building also has a coffee bar, conference room, pet spa and EV charging stations.
The community is within Omaha’s downtown, at 901 Farnam St., and close to a host of dining and retail destinations. The community is also within walking distance of the Heartland of America Park at The RiverFront.
The country’s top emerging multifamily market
Omaha scored the highest in Multi-Housing News‘ emerging housing markets list for 2024, based on employment, deliveries and construction pipeline, occupancy performance and property values. Last year, 4,506 units were delivered in the metro. As of August this year, there were an additional 43 multifamily communities under construction.
One of the largest multifamily developments underway is NuStyle Development’s The Duo South Tower, according to Yardi Matrix information. The project consists of the conversion of a pair of twin office towers into 700 apartments.
