Chicago, Illinois – NXT Capital announced today that it closed a $51.3 million loan to refinance Promontory Apartments, a 291-unit, Class A apartment community located in Overland Park, Kansas.
Promontory Apartments is located along Metcalf Avenue, a major north/south thoroughfare through Overland Park. Property amenities include a clubroom with gourmet kitchen, rooftop terrace with outdoor gourmet kitchen and bar, fenced 3-acre greenspace with lighted walking trail, coffee lounge, multiple fire pits, outdoor grills, outdoor high definition video board/ jumbotron with movie seating, resort-style heated pool with sundeck, outdoor courtyard gaming, fitness center and pet care station. Promontory also includes 21,000 square feet of ground floor retail space and is part of a larger re-developed retail center.
Noah Laredo of BMC Capital in Dallas 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.