Chicago, Illinois – NXT Capital announced today that it provided an $18 million first mortgage loan to finance the acquisition of 8800 Baymeadows, a five story, Class-B+ office building located in Jacksonville, Florida.
The well occupied property is located in Jacksonville’s highly desirable Butler/Baymeadows submarket with visibility from Interstate 95. In addition to acquisition financing, NXT’s loan will also provide funding for capital improvements and future leasing.
Philip Rachels in the Jacksonville 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 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.