Omaha-Area Mixed-Use Development Lines Up $72M Refi
The Royal Bank of Canada provided the loan.
City+Ventures has obtained a $72.2 million loan for the refinancing of La Vista City Centre, a $250 million mixed-use development in La Vista, Neb., 11 miles southwest of Omaha. The 1.2 million-square-foot property includes 392 luxury apartments, 32,878 square feet of retail space and 64,883 square feet of office space.
Royal Bank of Canada issued the note, public records show. IPA Capital Markets, a division of Marcus & Millichap, arranged the seven-year loan bearing interest-only payments at cost of funds plus 1.75 percent. Additionally, the loan-to-value ratio was 70 percent.
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The project’s multifamily component, dubbed Vivere, encompasses studio, one- and two-bedroom floorplans ranging from 478 to 1,345 square feet spread across two buildings of five and seven stories, respectively.
Apartments feature walk-in closets, granite and quartz countertops, as well as private balconies. Community amenities include a heated swimming pool, gym, community lounge and heated parking, to name a few. Â
Located at 8216 City Centre Drive, the community is less than 4 miles south of U.S. Route 275 and some 5 miles east of Interstate 80. Multiple dining and retail facilities, as well as three transit stops, are within walking distance.
IPA Capital Markets Managing Director Frank Montalto secured the financing on behalf of City+Ventures.
Bringing a mixed-use development to life
In 2015, City+Ventures alongside the City of La Vista began planning the mixed-use development. The developer repositioned a golf course and a former Wal-Mart property to make way for La Vista City Centre. Construction work started in 2016.
The property also includes an indoor and outdoor music venue, dubbed The Astro, as well as a 34-acre park. The Link—a two-story pavilion designed to connect The Astro with Central Park—broke ground in 2022. According to Assistant City Administrator Rita Ramirez, The Link will serve as the first central gathering area for the 62-year-old city of La Vista.
La Vista City Centre’s plans also call for more commercial space and a hotel.
