Chicago, Illinois – NXT Capital announced today that it provided a $20 million first mortgage loan to finance the acquisition of 118 units within Monteverde Apartments, a 219-unit, class A- residential community located in Boynton Beach, Florida.
Monteverde Apartments has easy access to Interstate 95 and the Florida Turnpike. Community amenities include a 5,000-square foot recreation center, billiard room, gym, a heated resort-style swimming pool and Jacuzzi, parking garage with gated entry, available storage units, and proximity to neighboring restaurants/retail.
David Horowitz in the New York office of Cooper-Horowitz 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.