OMAHA, NEB. — Cavan Cos. has secured two construction loans totaling $87.5 million for the development of The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, two build-to-rent (BTR) projects in Omaha. ORIX Corp. USA’s Real Estate Capital Group provided the financing. Timelines for completion were not disclosed.
Combined, the two projects will feature 466 single-story homes in one-, two- or three-bedroom layouts. Each residence will include open floor plans, 10-foot ceilings, laundry rooms, walk-in closets and fenced back yards with artificial turf. Select homes will also have garages.
Both communities will offer amenities such as pools, fitness centers, community spaces, dog parks and other pet-friendly spaces.
Cavan Cos. is a BTR development firm based in the Phoenix suburb of Scottsdale. The company’s portfolio consists of approximately 5,000 BTR units in Arizona. In addition to The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, as well as multiple projects in Arizona, Cavan Cos. plans to develop two BTR communities in New Mexico.