NXT Capital Provides $16M Acquisition Loan for 338-Bed Student Housing Community in Savannah
A 338-bed student housing community changed hands thanks to an acquisition loan arranged by NXT Capital.
By Adelina Osan, Associate Editor
Savannah, Ga.—NXT Capital recently provided a $16 million first mortgage loan to finance the acquisition of a newly constructed 338-bed student housing community at the Savannah College of Art & Design in Savannah, Georgia. Phil Rachels of CBRE’s Jacksonville office placed the loan with NXT.
Located in historic downtown Savannah at 1 West Victory Dr., One West Victory is a 114-unit, Class A student housing facility which features studio, one-, two- and four-bedroom floorplans. According to Yardi Matrix, the four-story property is seeking a LEED Gold certification.
Residential amenities at One West Victory include controlled access, a fitness center, community room, two laundry facilities and 334 parking spaces. With unit sizes ranging between 263 and 1,075 square feet, rents range between $1,006 and $2,496. Apartment interior amenities at the 1.8-acre community include above standard ceiling heights, microwave ovens in all units and high-speed internet access.
Image via Yardi Matrix