Star News - The local businessman is breathing life into an otherwise foundering development at the base of the Cape Fear Memorial Bridge. A federal judge ruled this week the sale of the Gateway property to Pickett could move forward. River 2 Sea LLC, the company that owns the land intended for the 11-story development in downtown Wilmington, filed Chapter 7 bankruptcy in August, less than an hour before the land was scheduled to be sold at auction. River 2 Sea had already entered into a contract to sell the land to Pickett but trouble with financing got in the way of the $8.4 million sale. Now Pickett has secured a $98 million construction loan from a consortium of hedge funds, he said. “He’s found a new lender. That’s the challenge, to find a lender in these difficult times,” River 2 Sea owner John Evans said.
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