NADG Completes Cash-Out Refinancings Across Three Trophy Assets, Returning ~$58 Million in Equity to Investors

The successful closings on NUVO Boca (Boca Raton), Riverdale Village (Minneapolis), and The Alton (Dallas) are three more examples of NADG’s differentiation and opportunistic investment philosophy generating alpha for its investors. All three refinancings were executed in November with leading bank and life company lenders on highly attractive terms.

• NUVO Boca is the country’s premier build-to-rent community, redefining luxury rental living in South Florida. Ideally situated in the core of Central Boca Raton—one of the state’s most affluent and supply-constrained submarkets—NUVO Boca spans 125 acres and features 252 upscale single-family homes and townhomes. Distinguished by its exceptional scale, architectural excellence, gated privacy, and resort-style amenities, NUVO Boca is widely regarded as one of the most sophisticated and irreplaceable build-to-rent assets in the United States. The community is currently over 95% occupied, benefiting from consistent rental growth and exceptionally strong tenant retention.

• Riverdale Village is a 788,000-square-foot, market-dominant, open-air power and lifestyle center situated on approximately 104 acres in the northern suburbs of Minneapolis. The center is anchored by Costco, Kohl’s, Dick’s Sporting Goods, Best Buy, Burlington, among others and complemented by a dynamic mix of regional and local operators. NADG strategically acquired Riverdale Village in Q3 2020 at the height of the COVID-19 pandemic, capitalizing on favorable market conditions and the property’s heightened vacancy (~170,000 sf of vacancy on acquisition). Leveraging NADG’s vertically integrated, in-house retail management and leasing platform, we successfully increased occupancy to ~95%, driving a 60%+ increase in net operating income.

• The Alton is a 293-unit, seven-story Class A mid-rise apartment community developed in 2023 by NADG in partnership with a local developer. Ideally located on Oak Lawn Avenue in Dallas, Texas, The Alton sits between the vibrant Uptown district and the prestigious Park Cities. Offering a true luxury living experience, The Alton has achieved strong leasing velocity in a market with sustained demand for high-end rental product. Residents enjoy immediate proximity to Uptown Dallas—widely recognized as Texas’ premier office submarket—featuring a dynamic mix of corporate headquarters, high-paying jobs, upscale retail, dining, and exceptional walkability.