Hunington Properties secured its financing, enabling it to begin work on The Vic at Sunterra, a 279-unit multifamily community in Katy.
The $47 million, HUD 221(d)(4) non-recourse financing provides a high loan-to-cost ratio and substantial proceeds, with a 24-month interest-only period, followed by a fully amortizing 40-year term providing the borrower long-term stability and predictable debt service well beyond construction completion.
Dwight Capital’s David Scheer and Andrew Tichy originated the loan on behalf of Hunington…