Chicago, Illinois – NXT Capital announced today that it provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square foot, class B+ office building located in Reston, Virginia.
Parkridge III is located in Reston’s largest office park directly off the Dulles Toll Road. It is also near the Fairfax County Parkway, the Washington Beltway, Route 7 and Interstate 66. The property is five miles east of the Dulles International Airport.
Dan McIntyre in the Washington, D.C. office of HFF 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 $75 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.