Dwight Capital Supplies $27M Construction Loan for Texas Apartments 

Martin Inderman Development has sealed $27 million of U.S. Department of Housing and Urban Development (HUD)-backed construction debt to build a luxury apartment project in northwest Texas, Commercial Observer has learned.

Dwight Capital closed the HUD 241(a) construction loan for the 104-unit La Ventana at Canyon West Phase II development in Lubbock, Texas. The deal was originated by Dwight’s Brandon Baksh and Tommy Ng.  

The HUD 241(a) program is designed for sponsors with existing Federal Housing Administration-insured mortgages to secure supplemental construction financing for additional phases at up to 90 percent loan-to-cost, as a way to leverage cash flow from the stabilized senior property to support the new phase, according to Dwight. 

Located at 4513 Milwaukee Avenue, six miles southwest of the Texas Tech University campus, Phase 2 of La Ventana at Canyon West Phase will be situated on a 4.24-acre site adjacent to the 188-unit first phase of the development.

The 10 three-story buildings will feature 54 one-bedrooms, 46 two-bedrooms, and four three-bedroom apartments. Community amenities will include a cornhole area, a barbecue courtyard, a dog park, and electric vehicle starting stations. 

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

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