Chicago, Illinois – NXT Capital announced today that it closed a $31 million loan to refinance X Chicago, a 99-unit, mid-rise, Class A apartment community located in Chicago, Illinois. The project is part of developer PMG’s national portfolio of X Social Communities, focused on delivering a social and convenient living experience with attainable rents.
X Chicago is located within the University Village neighborhood and is proximate to the Illinois Medical District and University of Illinois at Chicago. The property offers convenient access to the Halsted Metra stop, 5 Divvy stops and multiple CTA bus stops. Community amenities include two floors of structured parking, a mobile app to manage keyless entry, packages and smart thermostats, bike room, coworking lab, modern gym and fitness studio, communal kitchen and fire pit terrace and a rooftop green space with grills and a heated dog park.
Jimmy Conley in the Chicago 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.