Chicago, Illinois – NXT Capital announced today that it closed a $22 million loan to finance the acquisition of MarQ at 1st, a 164-unit, Class B apartment community located in Tempe, Arizona.
MarQ at 1st is walking distance to Tempe Town Lake and one-mile northwest of Arizona State University. Community amenities include two pools, a 24-hour fitness center, enclosed bike station with racks and outdoor barbecue and picnic areas.
Scott Holland and Jeremy Hammill in the Phoenix office of Berkadia Commercial Mortgage 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.