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Dwight Capital Closes $34M HUD Loan for Harbor Heights II in Mystic
Dwight Capital 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. VP 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.
Harbor Heights II will consist of one four-story apartment building featuring one, two, and three-bedroom units and is situated on 5.81 acres. Its amenities will include a business center, dog wash and park, swimming pool and spa, fitness room with yoga studio, outdoor fire pit/BBQ and a gathering area with a fireplace, café and kitchen.
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. The loan also benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points, because the property will achieve a National Green Building Standard Bronze certification.
Pictured: Harbor Heights.
- ◦Development
- ◦Financing

