Dwight Mortgage Trust Provides $62M Construction Loan For The Village At Compass Pointe, Leland, NC

The Village at Compass Pointe, a 268-unit development site spanning 25 acres in Leland, NC, has secured $62 million in construction financing from Dwight Mortgage Trust. The property is located near Wilmington and is set to become an apartment complex.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $62,000,000
• Units: 268
• Acres: 25
• Lender: Dwight Mortgage Trust
• Landlord: Douglas Smolev - SR Real Estate Partners & Jeff Sica - Circle Squared Alternative Investments

Dwight Mortgage Trust has provided the $62 million loan for the construction of the Village at Compass Pointe in Leland, NC. The development site, owned by Douglas Smolev of SR Real Estate Partners and Jeff Sica of Circle Squared Alternative Investments, is expected to contribute to the growing rental market in the area near Wilmington.