Chicago, Illinois – NXT Capital announced today that it closed a $19 million loan to finance the recapitalization and substantial renovation of Gateway Apartments, a 273-unit, Class B apartment community located in Tucson, Arizona.
Gateway Apartments is located approximately four miles west of downtown Tucson and five miles west of The University of Arizona. The property has nearby access to Speedway Boulevard, a major east-west thoroughfare providing direct access to Interstate 10 and local retail. Community amenities include a detached clubhouse with on-site management/leasing center, fitness center, controlled access gates, pool with spa, basketball court, BBQ grills, dog park and parcel locker system.
Cynthia Hammond and Bill Tong from Churchill Commercial Capital in Phoenix placed the loan with NXT Capital.
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors. It provides non-recourse floating rate first mortgages of $15 million to $75 million on value-add transactions. NXT Capital provides structured financing solutions through its Real Estate Finance and Corporate Finance groups, originating transactions on a national basis. Lending/financing services provided by NXT Capital, LLC. Loans will be arranged or made pursuant to a California Financing Law License.