Dwight Mortgage Trust Provides $36M Refi for Texas Apartments
By Andrew Coen May 8, 2025 4:02 pm
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Azali Homes has inked a $36 million loan to refinance an apartment community in Corpus Christi, Texas, Commercial Observer has learned.
Dwight Mortgage Trust (DMT), the affiliate real estate investment trust of Dwight Capital, originated the bridge loan for the developer’s 336-unit La Joya by Azal waterfront property.
Proceeds from the loan will retire existing debt, cover transaction costs and fund reserves.
Located at 1514 Ennis Joslin Road on the edge of an inlet known as Oso Bay, La Joya by Azal consists of 14 three-story buildings with 120 one-bedrooms apartments, 192 two-bedroom units and 24 three-bedrooms. Community amenities include a fitness center, business center, clubhouse, dog park, playground, media room, billiards lounge and swimming pool.
The La Joya by Azal development is just north of South Padre Island Drive, which provides access to downtown Corpus Christi and the Gulf Coast. It is three miles from the main campus of Texas A&M University.
Officials at DMT and Azali Homes did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
