MidHudson LLC has arranged HUD financing for Graham Development to develop The Venue at Werner Park, a 544-unit apartment community in Papillion, Neb.
The company, which formed in June, made its first transaction in the HUD Reserve Funding Program for 221(d)(4) loans, facilitating an equity investment to support letters of credit used to meet the required working capital and initial operating deficit reserves for the project.
“Single family homes have been selling at a record pace and the city recognizes the need for non-home owners to have a place to live,” Corbin Graham, Graham Development’s partner, told MHN. “During the zoning approval process, a city council member stated that it is important to the community that average-income Americans have the same amenities as luxury home owners—everyone should be able to walk to a ballgame, the lake or a school. That’s the kind of place we have here at The Venue at Werner Park.”
According to Graham, the HUD Reserve Funding Program will have broad appeal to developers of all sizes as it helps them close quicker and easier.
The Venue at Werner Park’s units have luxury finishes with granite countertops, stainless steel appliances, large decks and bathrooms. The complex overlooks a nature reserve and offers a large clubhouse for entertaining as well as park-like areas with picnic benches and ponds on the complex grounds.
A Vibrant Neighborhood
“It is the kind of apartment that offers renters the same quality of life as high-end home owners. The plan is truly an ideal execution of a comprehensive plan designed by HDR,” Graham said. “The neighborhood is the focal point for a suburb of Omaha called Papillion. It aims to be an integrated community that emphasizes walkability and quality of life.”
The property is situated at the center of a planned community that offers walkability to a AAA baseball and events stadium, 60 acres of a to-be-built entertainment district, newly built schools, two lakes and several parks with bike trails and tree-lined boulevards.
“Our analytics confirmed Graham’s conclusion that this was an excellent location,” Joe Carroll, MidHudson’s president, told MHN. “We also welcomed the opportunity to work with a first-class developer like Graham.”
HUD plays an important role of many apartments being constructed today. For instance, nearly one year after Hurricane Harvey plagued vast areas in Texas, the entity approved the state action plan for $5 billion in Community Development Block Grant – Disaster Recovery (CDBG-DR) funds to help the Lone Star State’s recovery.