NXT Capital Refinances GA Property

By Jeffrey Steele

Chicago-based NXT Capital has furnished a $30 million first mortgage loan to refinance a 165-unit apartment community in Atlanta. Ardmore & 28^th is a newly constructed Class A+ property in the amenity-laden Buckhead district.

The community provides views of the city, and offers access to the expanding Atlanta Beltline trail system. Also nearby are Tanyard Creek Park, Piedmont Park, Phipps Plaza, Lenox Marketplace and a wide variety of eateries.

“The property was already in the early stages of lease-up, so there was a very short timeframe to close,” Kevin Rostowsky, co-head of NXT Capital’s Real Estate Finance Group, told MHN. “We’ve had a lot of experience in similar situations and have a local office, so we stepped in with financing to cover lease-up and stabilization and help the borrower achieve his business goals.”

Spatial flexibility

The community features large apartment and townhome units with garages and best-in-class finishes. Apartments are offered in one- and two-bedroom floor plans.

The eight townhomes feature open design that permits maximum spatial flexibility. Residents can choose from one-, two-, three- and four-bedroom townhome designs.

Units feature hardwood flooring in kitchen and living areas. Bathrooms provide ceramic tile floors and surrounds. Each unit offers a balcony or sunroom.

Among common-area amenities of Ardmore & 28^th are a swimming pool, sundeck, outdoor grilling kitchen, fitness center with yoga and Pilates room, clubhouse, coffee bar, car care facility, dog park and washing station.

Assessing risk

Richard Jordan in CBRE’s Atlanta office placed the loan with NXT Capital.

“As a balance sheet lender with significant expertise financing transitional assets, NXT knows how to assess risk and property performance so we can provide financing while an asset is being stabilized,” Rostowsky said.