Chicago, Ill.-based NXT Capital has closed an $18 million first mortgage loan to finance the acquisition of a 216-unit, Class B+ Houston apartment community.
The property is situated about 20 miles north of Houston’s downtown district, roughly 11 miles west of George Bush Intercontinental Airport and 1 mile west of Interstate 45. Community amenities include:
- a clubhouse with business center
- fitness center
- swimming pool
- sand volleyball court
- outdoor fire pits,
- barbecue grills
- controlled access
- dog park
- sun deck
- putting green
The loan was placed with NXT Capital by Steve Whitehead in NorthMarq Capital’s Dallas office.
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors. It provides non-recourse first mortgages of $10 to $75 million for major market properties targeting a 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.
In October of last year, NXT Capital has closed a $25 million first mortgage to finance the acquisition of a 252-unit, Class B+ multifamily community in Dallas.