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Dwight Capital closes $47M HUD 221(d)(4) loan for 279-unit Katy project
The nonrecourse HUD-backed financing includes a 24-month interest-only period and a 40-year amortizing term, according to Commercial Observer.
Hunington Properties secured $47 million in construction financing for a multifamily development in suburban Houston, according to Commercial Observer. The outlet said the project is The Vic at Sunterra in Katy, Texas, a 279-unit community.
Commercial Observer reported that Dwight Capital closed the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) construction loan for the development within the 1,300-acre Sunterra master-planned community.
The project is expected to be completed in fall 2028, and Hunington Residential, the multifamily development arm of Hunington Properties, is slated to develop it, Commercial Observer added.
The financing is described by the outlet as nonrecourse HUD-backed debt, with a 24-month interest-only period followed by a fully amortizing 40-year term to support a predictable debt service schedule beyond construction, according to Dwight.