Dwight Capital Supplies $53M Construction Loan for Texas Apartments

Texas developer Martin Inderman Development has secured $53 million of construction financing backed by the U.S. Department of Housing and Urban Development (HUD) to build a multifamily project in the Texas Panhandle, Commercial Observer has learned.

Dwight Capital closed the HUD 221(d)(4) loan for the developer’s planned 312-unit development in Amarillo, Texas, known as the Lariat. The deal was originated by Brandon Baksh and Tommy Ng.

“We’re excited to close another multifamily construction loan, continuing our commitment to supporting growth across Texas and beyond,” Baksh, partner at Dwight, said in a statement. “Our team remains active and eager to finance more multifamily developments throughout Texas and in other expanding markets.”

The Lariat will consist of one- and two-bedroom apartments in 13 three-story buildings with six garages on a 13.5 acre-site. Community amenities will include a clubhouse, a pool, electric vehicle charging stations, pickleball courts and a dog park.

Officials at Martin Inderman Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.