Dwight Capital successfully closed a $34-million, 40-year fixed rate HUD 221(d)(4) new construction loan for Harbor Heights II, a 123-unit proposed apartment community in Mystic, CT. Vice President Daniel Malka and Jacob Gauptman originated the transaction.
Harbor Heights II will be the second phase of its neighboring sister property Harbor Heights which Dwight refinanced in 2022 with a HUD 223(f) loan. The property consists of one four-story building featuring one, two and three bedroom units situated on 5.81 acres with amenities such as business center, dog wash and park, swimming pool & spa fitness room with yoga studio outdoor fire pit/BBQ area gathering area complete with fireplace café & kitchen.
The second phase was able to bypass HUD’s preliminary application stage by submitting “straight to firm” application resulting in significant time savings for borrower while also benefiting from Green Mortgage Insurance Premium Reduction set at 25 basis points due to National Green Building Standard Bronze certification being achieved by project upon completion .
Pictured: Harbor Heights
