Chicago, Illinois – NXT Capital announced today that it closed a $20.7 million loan to finance the acquisition of Sunset Lakes, a 149-unit condominium community in Lakeland, Florida.
The property offers convenient access to many retail options including the Lakeland Square Mall, Dillard’s, J.C. Penney and Cinemark Theaters. Community amenities include a clubhouse, fitness center, barbecue area, tennis court, volleyball court, laundry facility, detached garages, storage units, lounge area, and a swimming pool.
Bill Leffler and Brad Simmel in the Atlanta 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 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.