Chicago, Illinois – NXT Capital announced today that it closed a $29 million first mortgage loan to finance the acquisition of Summit at Lime Ridge Apartments, a 120-unit, Class B apartment community in Concord, California.
Summit at Lime Ridge is located one mile north of downtown Concord, home to 7,500 businesses and over 40 restaurants. It offers convenient access to Sunvalley Shopping Center, Willow Shopping Center, Interstate 680, State Routes 4 and 242 and Lime Ridge Open Space, which offers 25 miles of hiking, biking, and equestrian trails. Community amenities include a swimming pool, fitness center, two outdoor BBQ areas, and a dog park.
Annie Rice in the Los Angeles office of CBRE placed the loan with NXT Capital.
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors. It provides non-recourse first mortgages of $10 million to $75 million for major-market properties with initial DSC greater than 1.0X. NXT Capital provides structured financing solutions through its Real Estate Finance and Corporate Finance groups, originating transactions on a national basis.