NXT Capital Arranges Refi for Kansas City-Area Property

The loan will be used for Promontory Apartments, which is part of a larger redeveloped retail center in Overland Park, Kan.
Promontory. Image courtesy of NXT Capital

NXT Capital has arranged a $51.3 million loan that will be used to refinance Promontory Apartments, located in the Kansas City metro suburb of Overland Park, Kan. The Class A, 291-unit community features two four-story buildings on 7.9 acres at 8961 Metcalf Ave. The property is scheduled for completion this month.

Promontory Apartments provides one- and two-bedroom apartments ranging in size from 676 to 1,655 square feet. Rents range from $1,265 to $2,657 per month. Features of apartments include private balconies or patios, in-unit washers and dryers, individual air conditioning, ceiling fans, above-average ceiling height and high-speed Internet access. A fenced, 3-acre green space with lighted walking trails is among the common-area amenities.

A component of a larger redeveloped retail center, Promontory Apartments features more than 65,300 square feet of ground-floor retail space.

Value-add transactions

Because Metcalf Avenue is a major north-south thoroughfare through Overland Park, Promontory Apartments’ residents can readily access a range of employment centers, as well as shopping, dining, entertainment and recreation. Nearby shopping centers include Promontory and Boulevard Shops, both situated within three minutes of the property. Nearby attractions include Antioch, Loose and Theis Park, as well as Wonderscope Children’s Museum and Deanna Rose Children’s Farmstead.

BMC Capital’s Noah Laredo placed the loan with NXT Capital, which recently provided refinancing for a luxury Georgia apartment community.