Dwight Capital recently 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 this transaction.
The property will be the second phase of the neighboring sister property, Harbor Heights which Dwight refinanced in 2022 with a HUD 223(f) loan. The second phase of the project bypassed HUD’s preliminary application stage and submitted a “straight-to-firm” application resulting in significant time savings for the borrower as well as benefitting from Green Mortgage Insurance Premium Reduction set at 25 basis points due to its National Green Building Standard Bronze certification.
Harbor Heights II will consist of one four story apartment building featuring one two and three bedroom units on 5.81 acres with amenities including business center dog wash/park swimming pool/spa fitness room with yoga studio outdoor fire pit/BBQ gathering area complete with fireplace café & kitchen . Pictured is Harbor Heights I .
Dwight Capital successfully arranged an advantageous $34 million long term financing solution for Harbour Height’s Phase 2 development project located in Mystic Connecticut , providing substantial time saving benefits to their client through straight -to firm submission process while also achieving cost reduction via green mortgage insurance premium reduction incentive program .
