Chicago, Illinois – NXT Capital announced today that it closed a $21 million loan to finance the acquisition and renovation of Enclave at Paradise Valley, a 174-unit, Class-B apartment community located in Phoenix, Arizona.
Enclave at Paradise Valley is located 15 miles north of Downtown Phoenix, situated between Stonecreek Golf Club and Paradise Valley Mall. Community amenities include a fitness center, clubhouse, business center, BBQ area with picnic tables, pool, hot tub and covered parking.
Mark Schulder in the New York City office of BlueGate Partners 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.