Chicago, Illinois – NXT Capital announced today that it closed a $34 million loan to refinance 53 West Apartments, a 266-unit, Class A apartment community located in Gainesville, Georgia.
53 West Apartments is located in Hall County, 50 miles northeast of the Atlanta central business district. The property is located three miles from Lake Lanier and 97% of Hall County employment is within a five-mile radius. Community amenities include a 24-hour fitness center, car wash facility, clubhouse with lounge, coffee station, co-working space, cyber lounge, game room, dog park, high speed fiber internet, outdoor kitchen with fireplace and TVs and a salt water resort style swimming pool.
Bill Leffler and Brad Simmel from the Atlanta office of CBRE 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.