Lexington Ridge Apartments: 216 Units Open to the Public in Lincoln
The Omaha Multifamily Program Center and the Legal Division, closed a $12,000,000 loan on Wednesday, February 27, 2013. It is for a market rate project located in Lincoln, NE, called Lexington Ridge Apartments.
The 216 unit project is a refinance of a project previously in HUD’s portfolio. It is now insured under HUD’s Section 207, pursuant to Sections 223(f) and (a)(7) of the National Housing Act. Refinancing of the loan allowed for a lower interest rate and debt service savings. These will reduce risk of a future default. The project was initially constructed in 2003. It was refinanced under HUD’s Section 223(f) program in 2009.
Multifamily Loan Information