NXT Capital Arranges $46M for TX Apartments
- Apr 04, 2018
NXT Capital has arranged a $46 million first mortgage loan to refinance The Pierpont, a Class A apartment community in Spring, Texas. According to Yardi Matrix, Epoch Residential is the owner of the newly developed property.
Located at 23770 Springwoods Village Parkway, the 354-unit community comprises one-, two- and three-bedroom floorplans ranging from 587 to 1,452 square feet. The four-story Pierpont offers interior features such as granite countertops in kitchens and bathrooms, full-size washer/dryers, designer custom cabinets, 10- to 12-foot high ceilings, high-speed internet access, ceiling fans in bedrooms and living rooms, walk-in closets, stainless steel appliances, tile backsplashes, vinyl wood plank flooring, USB charging stations, intrusion alarm systems and oversized patio doors. Residents have access to community amenities including:
- swimming pool
- 24-hour fitness center and cardio studios
- Wi-Fi cafe
- pet park
- game/billiard room
- formal clubroom with fireplace
- outdoor fireplace with group seating
- grilling stations with outdoor dining area
- onsite car wash
“The property was in the final stage of construction and early lease-up,” Matt Ehret, director at NXT Capital, told Multi-Housing News. “The borrower sought financing that allowed additional time to stabilize, provided pre-payment flexibility and a quick close. NXT Capital has deep experience in financing similar transitional assets and was able to offer a structure that met the borrower’s needs.”
The community is 25 miles north of downtown Houston and four miles south of The Woodlands, located off Interstate 45. Elliott Throne of HFF’s Miami office placed the loan with NXT Capital.
Image courtesy of NXT Capital