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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.

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Inside The Story

Dwight Capital's Malka and Gauptman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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