Chicago, Illinois, NXT Capital announced today that it closed a $25 million first mortgage loan to finance the acquisition of Summit at SouthPoint, a four-building, 261,000 square foot, Class B+ office complex in Jacksonville, Florida.
Summit at SouthPoint is located seven miles southeast of Jacksonville’s central business district and is surrounded by a rich amenity base with numerous restaurants and hotels in the immediate area. Community amenities include a recreational outdoor gazebo, lake views with a fountain and a 2,600 square foot gym located in one of the properties.
Charles Foschini in the Miami office of Berkadia 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.