Chicago, Illinois – NXT Capital announced today that it closed a $29 million first mortgage loan to finance the acquisition of a 250-unit, Class B apartment community located in Plano, Texas.
The property is located half a mile from US-75, a major north-south thoroughfare which conveniently connects the community to Greater Dallas. The community features a fitness center, swimming pool, outdoor pavilion, BBQ area with tables, fire-side lounge area, tennis court, clubhouse, business center, indoor basketball court and a media room.
Jeremy Sain in the Dallas office of HFF 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.