NXT Capital has arranged a $29 million first mortgage loan for the purchase of a 250-unit, Class B apartment complex in Plano, Texas. The loan was placed by Jeremy Sain, a managing director in the Dallas office of HFF.
NXT Capital declined to identify the property but revealed that it is located a half-mile from US-75, the north-south interstate that connects residents to Greater Dallas. Plano is a suburb of Dallas located about 17 miles from the city’s downtown.
“We liked the opportunity to make a loan on this property because it is with an experienced local sponsor and the property is a well located asset in the very desirable Plano submarket,” Bill Ballent, managing director at NXT Capital, told Multi-Housing News.
HFF and NXT Capital team up again
NXT Capital’s Real Estate Finance Group provides real estate investors with first mortgages ranging from $15 million to $75 million for value-add transactions. Earlier this month, HFF secured a $31 million loan with NXT Capital to refinance a 99-unit luxury community in Chicago.
Dallas-based capital markets brokerage HFF is being acquired by global real estate advisory JLL for $2 billion, the firms announced last week. HFF has closed more than 27,000 transactions totaling over $800 billion since its launch in 1998.
Image courtesy of NXT Capital