Chicago, Illinois – NXT Capital announced today that it closed an $18 million first mortgage loan to finance the acquisition of a 216-unit, Class B+ apartment community in Houston, Texas.
The property is located approximately 20 miles north of Downtown Houston, 11 miles west of George Bush Intercontinental Airport and one mile west of Interstate 45. Community amenities include a clubhouse with business center, fitness center, sand volleyball court, outdoor fire pits, BBQ grills, controlled access, dog park, sun deck, putting green and a swimming pool.
Steve Whitehead in the Dallas office of NorthMarq Capital 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 targeting a 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.