$34.5 Million Development to Add 90 Affordable Units Downtown
LINCOLN, Neb., Dec. 10, 2024 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and White Lotus Group, an Omaha-based vertically integrated real estate development firm, have closed a deal to begin construction on Mural Nebraska, a new affordable housing community in Lincoln, NE.
Located at 220 Centennial Mall South, the site formerly housed the Pershing Center, which was demolished in August 2023. The five-story, 86,000-square-foot building will provide 90 affordable housing units at 100% LIHTC, with a breakdown of 81 units at 60 percent of area median income (AMI) and nine units at 40 percent AMI.
Mural Nebraska will offer convenient access to downtown Lincoln’s amenities, including proximity to the Nebraska State Capitol, just two blocks south, and the University of Nebraska campus, five blocks to the north. In addition to residential units, the building will feature commercial space on the first floor, which will include a healthcare facility, further enhancing the community’s access to essential services.
The building will be outfitted with energy-efficient appliances, high-efficiency windows, and modern mechanical systems to minimize environmental impact. Residents will also benefit from a variety of on-site social services, including organized tenant activities, therapy animal visits, and a recycling program. Mural Nebraska aims to foster a supportive community atmosphere while promoting sustainability and efficiency.
“Our goal with Mural Nebraska is to contribute to Lincoln’s growing housing market and provide high-quality, affordable living options in the heart of the city,” said Dan Garrett, Vice President of Originations at WNC. “With the city’s population growth projected to continue, developments like this are critical to meeting the needs of Lincoln’s residents.”
Mural Nebraska’s total development cost is expected to be $34.5M. The deal was structured with Federal LIHTC equity of $12.9M from WNC & Associates, state LIHTC purchased by RiseImpact Capital, and tax-exempt bonds issued by the Nebraska Investment Finance Authority (NIFA).
Ronco Construction Company will provide construction services, which are expected to be completed in December 2025.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
About White Lotus Group
White Lotus Group is a vertically integrated real estate development firm located in Omaha, Nebraska that specializes in turn-key projects from concept to delivery through a creative management process. To learn more, visit: https://www.whitelotusgroup.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/500ef55f-ba59-4b25-9b0e-d41c7c9409d8
CONTACT: MEDIA CONTACT: IDEA HALL Rachel Fuller rachel@ideahall.com
