Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, closed a $36 million bridge loan to refinance La Joya by Azali, a 336-unit waterfront apartment community in Corpus Christi, TX. Loan proceeds will be used to retire existing debt, cover transaction costs, and fund reserves for the borrower, Alex Azali of Azali Homes.
The property comprises 14 three-story residential buildings with a unit mix of 120 one-bedrooms, 192 two-bedrooms, and 24 three-bedrooms. Units feature private patios or balconies. Select units also offer private yards.
Amenities include a fitness center, business center, clubhouse, dog park and dog run, playground, media/game room, BBQ/picnic area, demonstration kitchen, conference room, billiards lounge, and swimming pool. It is situated along the edge of Oso Bay and offers scenic waterfront views…