Chicago, Illinois – NXT Capital announced today that it closed a $34.8 million loan to finance the acquisition of Vista Springs Apartments, a 212-unit, Class B apartment community located in Moreno Valley, California.
Vista Springs Apartments is in Riverside County which was recently ranked fifth amongst all counties in the country for population growth. Located near the merger of State Route 60 and Interstate 215, the property is two miles north of the planned, 50-acre, Canyon Springs Healthcare Campus and approximately one mile north of large retail centers, including the Moreno Valley Mall, TownGate Promenade, Walmart Supercenter and Costco Wholesale. Community amenities include a fitness center, gated access, playground, swimming pool, dog park and carports.
Aaron Beck and Eric Flyckt of NorthMarq in San Diego 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.