Chicago, Illinois – NXT Capital announced today that it provided a $12 million first mortgage loan to finance the acquisition of Courtyard Albuquerque, a 150-room select service hotel located in Albuquerque, New Mexico.
Located nine miles north of downtown Albuquerque, the property is situated in Journal Center Business Park, a 300+ acre business park whose tenants include Bank of America, First Community Bank, New Mexico Cancer Center and the State Bar of New Mexico. The Hotel is adjacent to Legacy at Journal Center, a retail center located in the southwest corner of I-25 and Paseo Del Norte Boulevard.
John Manning in the San Francisco 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 first mortgages of $10 million to $40 million for major-market properties with initial 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.