Platinum Capital Corp originated a $19 million bridge loan to fund the construction of Condominiums in Wilmington, North Carolina. The loan was made to an established southeastern developer and operator (the “Sponsor”). The Sponsor acquired the vacant site in 2020 and began construction in early 2023. The Property is considered best-in-class with high-end apartment finishes and numerous amenities.
 
The Property will comprise 21 luxury condominium units for sale on five stories. It will also include 62 garage parking spaces on the 1.76-acre site. Located along the Cape Fear River in Wilmington, North Carolina. The property is well situated for both the primary demographic targets of families and young professionals, as well as those looking to downsize their living situations. "We're pleased to have worked with Platinum Capital Corp on this financing and appreciate their solid reputation, agility and expertise." said the Sponsor.

Thomas Felton, President of PCC said of the experience, “Working with the sponsor was a profound experience in creative problem-solving. We were pleased to arrange financing for these attractive construction projects. With such a tight deadline and severe repercussions for the property owner had we been unsuccessful, failure was not an option for any of us. This transaction is another demonstration of the value that PCC's financing capabilities provide for real estate investors and developers."