Dwight Capital Lends $47M to Develop Houston-Area Apartments 

Hunington Properties has landed $47 million of construction financing to develop  a multifamily project in suburban Houston,Commercial Observer has learned.

Dwight Capital closed the U.S. Department of Housing and Urban Development (HUD)21 (d) 4 construction loan for Hunington’s 279-unit The Vic at Sunterra development in Katy, Texas, to be located within the 1,300-acre Sunterra master-planned community. The project is slated for completion in fall 2028 by Hunington Residential, the multifamily development arm of Hunington Properties. 

The nonrecourse HUD-backed financing provided the borrower with a 24-month interest-only period followed by a fully amortizing 40-year term to provide a predictable debt service schedule well beyond the construction completion, according to Dwight. David Scheer and Andrew Tichy originated the loan for Dwight. 

“The property’s location, as well as its standing as the sole multifamily community within the Sunterra master-planned community, stand out as key demand drivers, giving residents unique access to amenities including the community’s signature lagoon,” Scheer, managing director at Dwight, said in a statement. “The strength of the local school system adds further appeal, with the property situated within the highly regarded Katy Independent School District and Cross Elementary located right next door.”

Located on a 10-acre site at 245 Bartlett Road 35 miles west of Downtown Houston, The Vic at Sunterra project will consist of one- and two-bedroom apartments across four three-story buildings. Community amenities in the master-planned community will include a 2.7-acre lagoon with a sand beach, pickleball courts, a swimming pool, a fitness center and a fitness trail. 

Hunington Properties did not immediately return a request for comment.

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