Northmarq’s St. Louis investment sales team of Parker Stewart and Dominic Martinez collaborated to arrange the sale of Fairways at Lincoln. The 613-unit resort-style multifamily property, built in 2007, is located at 375 Fletcher Ave. in Lincoln, Nebraska.
According to Real Capital Analytics, this transaction is the largest single property multifamily sale in Nebraska history.
Northmarq represented the seller in the transaction, Kansas City-based Cohen-Esrey and provided financing for the buyer, Connecticut-based Hamilton Point Investments.
Fairways at Lincoln is situated on a nine-hole golf course, with residents benefitting from discounts on green fees, golf carts and driving range fees. Fairways at Lincoln is located between the University of Nebraska-Lincoln and the community of Arbor (North Lincoln). North 27th Street is nearby, offering residents access to numerous big-box retailers, restaurants, and entertainment options. Commuters have easy access to HWY 34, I-80 and I-180. Prior to the sale, 99 of the units were updated with modern kitchens and bathrooms.
John Reed, managing director of Northmarq’s Omaha debt/equity team, secured acquisition financing for the property. The transaction was structured with a five-year term with one-year of interest-only payments, followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed loan at 70 percent LTV with five years fixed at 2.75 percent for the borrower, Hamilton Point Investments LLC, through its Optigo status as a Freddie Mac lender.
