Dealmaker: NXT Capital Provides $54M for Multifamily

NXT Capital, Chicago, provided $54.1 million in first mortgage loans for multifamily properties in Florida, Arizona and Georgia.

HFF Managing Director Elliott Throne and Senior Managing Director Mona Carlton placed a $21.5 million first mortgage loan with NXT for Verandahs at Hunt Club, a 210-unit Class B garden community in Apopka, Fla., an Orlando suburb. 

The property on Semoran Boulevard just west of Interstate 4 is near major employment centers Metro Center, Maitland Center and the Altamonte Mall.

NXT Capital also provided $16.6 million to finance Adagio Apartments, a 208-unit Phoenix, Ariz., community. Meridian Capital Group Managing Director Seth Grossman brought the loan to NXT.

Grossman said the sponsor will perform a significant value-add renovation to the common area and unit interiors with NXT’s loan.

In Savannah, Ga., NXT Capital provided $16 million for One West Victory, a new student housing community at the Savannah College of Art and Design. CBRE Senior Vice President Phil Rachels placed the debt. 

The newly constructed 338-bed Class A community in historic downtown Savannah include an on-site restaurant and coffee bar as well as community study lounges.