Hunington Properties has received US$47 million in developer financing for the development of a multifamily project in a Houston suburb, Commercial Observer has learnt. Dwight Capital closed the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) construction loan for Hunington’s 'The Vic at Sunterra', a 279-unit residential development in Katy, Texas. The project will be part of the 1,300-acre Sunterra master-planned community.
The undertaking, being realised by Hunington Residential, Hunington Properties' multifamily development arm, is scheduled for completion in autumn 2028. The non-recourse, HUD-insured financing allowed the borrower a 24-month interest-only period, followed by a fully amortising 40-year term. This provides predictable debt servicing well beyond the construction phase, according to Dwight Capital.
Attractive location and amenities
David Scheer and Andrew Tichy were responsible for the loan origination at Dwight Capital. Scheer, a Managing Director at Dwight, emphasised in a statement the property's attractive location and its uniqueness as the only multifamily development within the Sunterra master-planned community. These factors are crucial demand drivers and offer residents exclusive access to amenities such as the community's signature lagoon. The quality of the local school system, particularly its location within the highly regarded Katy Independent School District and direct proximity to Cross Elementary School, further enhances its appeal.
The project 'The Vic at Sunterra' is being built on a 10-acre site at 245 Bartlett Road, approximately 35 miles west of downtown Houston. It will comprise one- and two-bedroom apartments across four three-storey buildings. The community facilities within the master-planned community are extensive and will offer future residents diverse opportunities for leisure and recreation.
Comprehensive community facilities
- —A 2.7-hectare lagoon with a sandy beach
- —Pickleball courts
- —A swimming pool
- —A fitness centre
- —A fitness trail
Hunington Properties provided no immediate comment on a request. Andrew Coen can be reached at acoen@commercialobserver.com.
