Chicago, Illinois – NXT Capital announced today that it closed a $33.25 million loan to finance the acquisition of Soleil, a 188-unit, Class B+ apartment community located in Chandler, Arizona.
Soleil is located two miles northwest of downtown Chandler. The property is situated a mile from two access ramps to the 101 Loop which leads to Tempe nine miles to the north, Scottsdale 13 miles to the north and the Phoenix central business district 15 miles to the northwest. Community amenities include a clubhouse, fitness center, swimming pool, spa, sauna, grills and picnic areas.
James DuMars, Griffin Martin and Justin Klett of NorthMarq in Phoenix 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. Lending/financing services provided by NXT Capital, LLC. Loans will be arranged or made pursuant to a California Financing Law License.