Chicago, Illinois – NXT Capital announced today that it provided a $30 million first mortgage loan to finance the acquisition of 79 West Apartments, a 304-unit, Class-A apartment community located in Panama City Beach, Florida.
The property is located near the intersection of Front Beach Road and State Route 79, which provides easy access to the beach and downtown Panama City Beach. Community amenities include a large outdoor swimming pool, two hot tubs, Gazebo courtyard, BBQ area, picnic tables and a dog park.
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.