Chicago, Illinois – NXT Capital announced today that it provided a $17 million first mortgage loan to finance the acquisition of Casanova Grove Apartments, a 76-unit, apartment community located in Monterey, California. The loan provided future funding of $3.6 million ($47,700/unit) for exterior and interior renovations.
Casanova Grove Apartments is centrally located in the coastal city of Monterey. The community offers one- and two-bedroom apartments and townhomes near the beach and Fisherman’s Wharf.
Eric Pryor of Talonvest Capital 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.