Chicago, Illinois – NXT Capital announced today that it closed a $59.4 million loan to finance the acquisition of Esplanade III, a 218,000 square foot, Class A office building located in Phoenix, Arizona.
Esplanade III is located in the prestigious Camelback Corridor at the prominent corner of Camelback Road and 24th Street, nine miles north of downtown Phoenix and Sky Harbor Airport. The property features a two-story lobby with marble/granite finishes and stunning mountain views of Piestawa Peak, the Phoenix skyline, and Camelback Mountains.
Bruce Francis, Katie Diaz and Tim Bokinsky and Dana Summers from the Phoenix 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.