Chicago, Illinois – NXT Capital announced today that it closed a $31 million first mortgage loan to finance the acquisition of a 240-unit, class B+ apartment community in Houston, Texas.
The property is located in a highly regarded school district. Community amenities include a clubhouse with a business center, movie theater room, fitness center, laundry facility, tennis court, playground, BBQ grills and a swimming pool.
Casey Wenzel in the Austin 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 first mortgages of $10 million to $75 million for major-market properties targeting a DSC greater than 1.0X. NXT Capital provides structured financing solutions through its Real Estate Finance and Corporate Finance groups, originating transactions on a national basis.