Peachtree Group Leads $44M Construction Loan for Nebraska Apartments 

Rev Development has landed $44 million of construction financing to build a Nebraska multifamily development near the state capitol, Commercial Observer has learned.

Peachtree Group originated the 30-month, $34 million senior construction loan with a 12-month extension option for the Nebraska-based developer’s planned Heartland Flats Apartments project in Lincoln, Neb. Hickory CRE Lending also provided a $10 million mezzanine loan for the 289-unit project, which will be located six miles from both the Nebraska Capitol building and University of Nebraska-Lincoln campus.

Taylor Pike, senior vice president at Peachtree, said the Lincoln area has experienced population growth in recent years as evident by Lincoln Northwest High School, a new secondary school that just opened near the property. Pike noted that economic demand drivers in the region like the state capitol and a major public university coupled with a low supply or rental housing position the project for success.  

“It’s a market where there’s really not much new supply coming online,” Pike told CO. “We felt that this was a good opportunity to help Rev build a great monetized project in this market with little to no new consultation in the foreseeable future.”

Centum Capital arranged the transaction with a team led by Brady Busch and Otis Duffy.

Heartland Flats Apartments is at 1500 NW 48th Street. Rev is developing the former vacant parcel with a mix of studio, one-bedroom and two-bedroom apartments. Construction is underway and is slated for completion in November 2026.

Kyle Stein, head of originations and executions at Hickory CRE Lending, stressed that while there is plenty of available land in the western area of Lincoln where the project is getting built, much of it cannot be developed due to a lack of sewer and electricity infrastructure. Stein said another new multifamily property across the street from the project leased up completely within six months of its opening, underscoring the need for rental housing in the city.

“General market fundamentals are very strong in Lincoln with stabilized occupancies of about 95 percent, and it has had some nice rent growth in the past 12 months of just over 3 percent when we’re seeing most markets either being flat or showing negative rent growth,” Stein said. “We looked at the recent opening of Lincoln Northwest High School in August of 2023 as a big sign of growth for the area.”

Officials at Rev Development and Centum Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com