Dwight Provides $34M HUD Loan on Mystic, Conn., Apartments Project
By Andrew Coen July 7, 2023 11:19 am
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Dwight Capital has closed a deal supplying $34 million of agency-backed construction financing for a planned multifamily property in eastern Connecticut, Commercial Observer has learned.
The Manhattan-based alternative lender provided the 40-year, fixed-rate U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan for the Harbor Heights II project in Mystic, Conn., according to Dwight. The sponsor of the project was not named, but sources told CO it was Lattizori Development.
Located on Perkins Farm Drive, the 123-unit apartment community will mark the second phase of Lattizori Development’s neighboring property, Harbor Heights, which Dwight refinanced in April 2022 with a $32 million HUD 223 (f) loan on the heels providing a $29 million bridge loan in late 2021. Dwight’s Daniel Malka and Jacob Gauptman originated the latest transaction.
The Harbor Heights II development will consist of one four-story apartment building on 5.81 acres featuring one-, two- and three-bedroom units. The property’s amenities will include a business center, a dog park, a swimming pool, a spa, a fitness center with a yoga studio, and an outdoor fire pit.
Spokespeople for Lattizori Development did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
