Hunington Closes on Construction Loan for 279-Unit Katy Apartment Development
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.
The project is situated on a site of over 10 acres within the Sunterra Master-Planned Community. Sunterra features two amenity destinations: The Sol Club and The Retreat. The Sol Club is a 3.5-acre, completed amenity complex featuring a clubhouse, a 2.7-acre lagoon with a sand beach, beach cabanas, pickleball courts, sports fields, and a playground. The Retreat features a clubhouse, pool, lazy river, waterslide and splash pad, fitness center and yoga studio, tennis court, dog parks, and a half-mile fitness trail.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout