Institutional Property Advisors, a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, announced the $72.24 million refinance of La Vista City Centre, a growing master-planned multifamily, office and retail development in La Vista, Nebraska.
Frank Montalto, IPA Capital Markets managing director based in the firm’s Chicago office, secured the financing on behalf of City+Ventures, a Nebraska-based investment and development company that partnered with the City of La Vista beginning in 2015 for the development of the community.
“Today’s lending environment requires enhanced negotiations to obtain the most competitive pricing while crafting a creative structure adhering to our client’s investment thesis,” said Montalto. “Our team was successful in leveraging our relationships to get this deal closed in under 50 days to meet impending deadlines. We are very excited to get this over the finish line with our client.”
Terms of the seven-year loan include full-term interest-only at cost of funds plus 1.75% and a loan-to-value of 70%.
La Vista City Centre features the Vivere Apartments complex consisting of 392 luxury units ranging from studios to two bedrooms, 32,878 square feet of retail space, and 64,883 square feet of office space. Located adjacent to the Vivere Apartments is The Astro, an indoor and outdoor music venue, and a 34-acre park.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
