Chicago, Illinois – NXT Capital announced today that it closed a $28 million loan to finance the acquisition of Breckenridge Apartments, a 308-unit, Class B apartment community located in Phoenix, Arizona.
Breckenridge Apartments is located three miles from Interstate 17, two miles from Loop 101, and three and a half miles from State Highway 51, providing convenient access to Northwest Valley, Scottsdale, Tempe, Downtown Phoenix and Sky Harbor International Airport. Community amenities include a fitness center, play area, clubhouse, gated access, BBQ area with picnic tables and covered parking.
James Dumars, Griffin Martin and Kurt Boettcher 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 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.