RBC Supplies $72M Refi on Nebraska Mixed-Use Project
By Andrew Coen June 5, 2024 1:21 pm
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Nebraska developer City+Ventures has secured a $72.24 million loan from RBC Wealth Management to refinance a mixed-use development in suburban Omaha, Commercial Observer has learned.
RBC provided the seven-year loan on City+Ventures’ La Vista City Centre project in Vista, Neb., a master-planned community with multifamily, office and retail, according to Marcus & Millichap (MMI)’s Institutional Property Advisors (IPA) division, which arranged the transaction. The deal closed in less than 50 days at a loan-to-value of 70 percent, according to IPA.
“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,” Frank Montalto, managing director based in IPA’s Chicago office, said in a statement.
Located at 8219 City Centre Drive, La Vista City Centre includes the 392-unit Vivere Apartments complex, 32,878 square feet of retail space and 64,883 square feet of office space. It also includes The Astro music venue and a 34-acre park.
City+Ventures began its planning effort for La Vista City Centre in 2015 as part of a public-private partnership with the City of La Vista.
Spokespeople at RBC and City+Ventures did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
