Chicago, Illinois – NXT Capital announced today that it closed a $36 million first mortgage loan to finance the acquisition of Coral Pointe, a 252-unit, Class A apartment community in Fort Myers, Florida.
Coral Pointe is located approximately six miles from downtown Fort Myers and has frontage along Interstate 75 which provides easy access to many employment centers, shopping districts and event venues. Community amenities include a heated pool with outdoor grills, gazebos, outdoor bar, fireplace area, fitness center, two dog parks, a clubhouse with resident kitchen, coffee bar, pool table, gaming table, lounge area and computer center.
Allison Williams and Matt Baldwin in the Tampa office of Walker & Dunlop 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 $15 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.