Dwight Capital Secures $47 Million HUD Loan for 279-Unit Apartment Project in Katy, Texas

Dwight Capital has provided $47 million in construction financing to Hunington Properties for The Vic at Sunterra, a new 279-unit multifamily development in Katy, Texas. This U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan will support the project, which is slated for completion in fall 2028. The development will feature one- and two-bedroom apartments across four three-story buildings on a 10-acre site at 245 Bartlett Road.

Located approximately 35 miles west of Downtown Houston, The Vic at Sunterra is positioned within the expansive 1,300-acre Sunterra master-planned community. This strategic location offers residents unique access to significant amenities, including a 2.7-acre lagoon with a sand beach, pickleball courts, and a fitness center. The property also benefits from its proximity to the highly-rated Katy Independent School District, with Cross Elementary adjacent to the site.

The nonrecourse HUD-backed financing includes a 24-month interest-only period followed by a 40-year fully amortizing term, designed to provide predictable debt service. This type of long-term government-insured financing is crucial for large-scale residential projects, enabling developers like Hunington Residential to address housing demand in growing suburban areas while leveraging the comprehensive infrastructure of master-planned communities.