Hunington Properties has secured construction financing for The Vic at Sunterra, a planned 279-unit multifamily community within the Sunterra Master-Planned Community in Katy. The new loan allows Hunington to move forward with development activity on the site, which spans more than 10 acres inside the amenity-rich residential enclave.
The project is being capitalized with a $47 million HUD 221(d)(4) non-recourse construction loan. According to the parties involved, the financing structure delivers a high loan-to-cost ratio and substantial proceeds to support the development program. The loan is set up with a 24-month interest-only period covering the construction and initial lease-up phase.
Following the initial interest-only period, the HUD loan converts to a fully amortizing 40-year term. This long-term structure is designed to provide Hunington with extended maturity, reduced refinancing risk and predictable debt service obligations that extend well beyond construction completion and stabilization. The non-recourse nature of the execution further limits recourse exposure for the borrower.
Dwight Capital originated the financing for Hunington Properties, with Dwight Capital's David Scheer and Andrew Tichy leading the effort. The firm arranged the HUD 221(d)(4) execution on behalf of the borrower, aligning long-duration fixed-rate multifamily debt with a new ground-up rental development in Katy.
The Vic at Sunterra will rise on a site of more than 10 acres within the broader Sunterra Master-Planned Community. Sunterra is organized around two primary amenity hubs: The Sol Club and The Retreat, both designed to serve residents of the master-planned environment, including future residents of The Vic at Sunterra.
The Sol Club encompasses a 3.5-acre completed amenity complex. It includes a clubhouse, a 2.7-acre lagoon with a sand beach, beach cabanas, pickleball courts, sports fields and a playground. These amenities are already in place within the master-planned community, offering immediate lifestyle features for surrounding neighborhoods.
The Retreat provides an additional cluster of recreational amenities, featuring a clubhouse, pool, lazy river, waterslide and splash pad. It also houses a fitness center and yoga studio, along with outdoor-oriented offerings such as a tennis court, dog parks and a half-mile fitness trail. Together, The Sol Club and The Retreat form the backbone of Sunterra's communal infrastructure, positioning The Vic at Sunterra within a highly amenitized residential setting.
With the HUD 221(d)(4) financing now in place, Hunington is positioned to advance construction of the 279-unit multifamily community, leveraging both the structure of the long-term, non-recourse loan and the built-in amenity base of the Sunterra Master-Planned Community.
