NuStyle Secures $88M Refi of The Atlas Apartments Project
Charlotte, NC-based Grandbridge Real Estate Capital facilitated the closing of an $88,342,000 refinance loan secured by The Atlas Apartments.
OMAHA—Locally-based NuStyle Development has secured an $88.3-million refinancing loan for its redevelopment of a former hospital property here into the 732-unit The Atlas Apartments project.
Charlotte, NC-based Grandbridge Real Estate Capital facilitated the closing of an $88,342,000 refinance loan secured by The Atlas Apartments. Originated by Minneapolis-based Grandbridge Real Estate Capital VP Brett Olson and Jeff Witt, the permanent, fixed rate, non-recourse 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 2018-2019, into The Atlas Apartments complex. The development, which features commercial and market-rate housing was completed in 2019 and had a total project cost of $107.7 million, according to NuStyle Development’s website.
“We funded the loan through Freddie Mac’s lease up program, which allowed the borrower to lock the interest rate approximately 90 days prior to receiving the final certificate of occupancy. The loan subsequently closed once the property received 100% certificate of occupancy, 65% physical occupancy and a 1.05X debt service coverage,” says Grandbridge Real Estate Capital’s Olson.
He adds, “The NuStyle team exceeded leasing expectations, which allowed them to secure an additional $3 million in loan proceeds at commitment. It was a privilege to work with the NuStyle team on this high profile and exciting project that reshaped a prominent building into a new use that will have a positive impact on Creighton University and the Omaha community for the foreseeable future.”
Common area amenities at the Atlas Apartments include a first-floor heated indoor pool, fitness center, sand volleyball courts, study/conference rooms, multiple clubhouses, fire pits, indoor half-court basketball court, bicycle repair station, bike storage rooms, grilling patios, theatre room, game room, billiards lounge, a pedestrian bridge to Creighton University, free Wi-Fi throughout the building, rooftop deck and lounge, and a rooftop pool with retractable glass walls that enables use of the pool in all seasons.