Chicago, Illinois – NXT Capital announced today that it provided a $24.5 million first mortgage loan to finance the acquisition of 195 units, plus the purchase of additional units within Grand Reserve at Kirkman Parke, a 390-unit, garden-style residential community located in Orlando, Florida.
The property has easy access Interstate I-4, SR 408 and the Florida Turnpike. Community amenities include a clubhouse, covered and heated spa, cinema room, library, games area, fitness center, business center, playground, swimming pool, grills, volleyball and tennis courts and detached garages.
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.