Dwight Capital Lends $66M of HUD Debt on Texas Luxury Apartments Project

Martin Inderman Development has landed $66 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to develop a luxury multifamily project in central Texas, Commercial Observer has learned.

Dwight Capital closed the HUD 221(d)(4) construction loan for 312-unit The Lariat at Abilene development in Abilene, Texas. The loan was originated by Dwight’s Brandon Baksh and Tommy Ng.

Located on 13 acres along McKinley Drive, The Lariat at Abilene property will consist of 13 three-story garden-style apartment buildings with 186 one-bedroom apartments and 126 two-bedroom units. Community amenities include a fitness center, a pickleball court, outdoor grilling area, a swimming pool, electric vehicle charging stations, a dog park and walking trails.

The Lariat at Abilene development will be in a high-growth Abilene market with major employers that include Blue Cross Blue Shield and Dyess Air Force Base along with Class A multifamily vacancy rates of just 2.3 percent, according to Dwight. 

Lubbock, Texas-based Martin Inderman Development also secured a $53 million HUD 221(d)(4) construction loan from Dwight in October 2025 on a planned 312-unit multifamily development in Amarillo, Texas, CO previously reported. 

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

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