IPA Capital Markets, a division of Marcus & Millichap, announced the $31.61 million refinancing of The Flats at Leighton District, a 234-unit multifamily property with ground-level retail spaces, located at 4630 Leighton Avenue in Lincoln, Nebraska.
Frank Montalto, managing director in IPA’s Chicago office, secured the financing with a national bank on behalf of the client, a Midwest-based development, ownership and management firm. The loan features a 5-year term, full-term interest-only, and a fixed-rate execution at 6.28%.
The property is located near the University of Nebraska-Lincoln East and City campuses, Nebraska Wesleyan University, and Southeast Community College. It offers a mix of studio to three-bedroom units as well as private-entry loft floor plans.
“Leighton District is a high-quality multifamily asset that continues to benefit from strong fundamentals and sustained demand in the Lincoln market,” said Montalto. “Our longstanding relationship with the lender allowed us to structure competitive terms that position the ownership group for continued success.”
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