Chicago, Illinois – NXT Capital announced today that it closed a $49.9 million loan to finance the acquisition of newly built Novel Rio, a 209-unit, Class A apartment community in Tempe, Arizona.
Novel Rio is a short walk from Tempe Town Lake, and less than one mile west of downtown Tempe and Arizona State University. Property amenities include a resort-style pool, dog park, pet washing stations, package lockers, cyber café, fully stocked bike/kayak room, three courtyards with greenspace and grilling areas, fitness center and a rooftop indoor-outdoor entertainment area with a kitchen, TV, firepit and grills. Completed in February 2019, Novel Rio was still in lease-up at the time of acquisition.
Brandon Harrington in the Phoenix office of JLL 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.