Dwight Capital Provides $38M HUD Construction Loan on Montana Apartment Project
Stock Development has sealed $37.7 million of construction financing backed by the U.S. Department of Housing and Urban Development (HUD) to build a new multifamily asset in Montana, Commercial Observer has learned.
Dwight Capital supplied the HUD 221(d)(4) loan for Stock’s planned InterUrban Apartment Homes 2.0 project in Billings. Brandon Baksh, managing director at Dwight, originated the transaction.
Montana-based Stock is building the apartment community using National Green Building Standard Bronze guidelines, which qualifies the project for a green mortgage insurance premium reduction to 0.25 percent, according to Dwight officials. Dwight also closed a $24.4 million HUD 223(a)(7) loan for the first phase of the property in April 2020.
Located at 610 South 44th Street West, InterUrban Apartment Homes will comprise 216 units in six three-story, garden-style buildings and a one-story clubhouse. The property’s amenities will include a business center, a dog park, a fitness center, a swimming pool, a spa, a picnic area with barbeque and a golf simulator.
Representatives at Dwight and Stock did not immediately return requests for comment.
Andrew Coen can be reached at firstname.lastname@example.org.