Chicago, Illinois – NXT Capital announced today that it provided a $46 million first mortgage loan to refinance a 354-unit, Class- A apartment community in Spring, Texas.
The property is situated 25 miles north of downtown Houston and 4 miles south of The Woodlands, conveniently located off I-45, which provides direct access to Downtown Houston. Community amenities include a swimming pool, 24-hour 2-level fitness center with cardio studio, resident lounge, grilling stations with outdoor dining areas, direct access to gated garage parking, car wash, outdoor fireplace with group seating, enclosed dog park, Wi-Fi café, and a clubhouse.
Elliott Throne in the Miami 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.