Chicago, Illinois – NXT Capital announced today that it provided a $23.95 million first mortgage loan to Barker Pacific Group to finance the acquisition of Mesa Tower, a 311,132 sf office tower located in Mesa, Arizona.
Mesa Tower is the tallest building in Mesa and the broader east valley of metro Phoenix. The 16-story tower includes a detached restaurant and 5-story parking garage. In addition to financing the acquisition, NXT’s loan will fund significant capital improvements, tenant improvements, leasing commissions and spec suite buildout.
Josh Westerberg in the Sacramento office of Palmer 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.