Dwight Capital Provides $34M In Construction Debt for Connecticut Community

The HUD loan will back a Mystic project that has already started construction.

Harbor Heights II. Image courtesy of Dwight Capital

Dwight Capital has closed a $34 million construction loan for Harbor Heights II, a 123-unit community in Mystic, Conn. According to Yardi Matrix data, the developer is Lattizori Enterprises. Dwight Capital’s Daniel Malka and Jacob Gauptman originated the 40-year fixed rate U.S. Department of Housing and Urban Development 221(d)(4) new construction loan.

Dwight Capital submitted a “straight-to-firm” application for Harbor Heights II, as it will receive a National Green Building Standard Bronze certification when completed. The developer broke ground on the project in June, with construction expected to last 19 months.

Harbor Heights II will offer one-, two- and three-bedroom units in a four-story apartment building. The community’s common amenities will include a business center, dog park, pool, spa, fitness room, yoga studio, outdoor fire pits, and a gathering area with a fireplace, cafe and kitchen. The community is a short drive to the area’s main attractions like Mystic Aquarium and Mystic Seaport Museum, as well as the village’s Olde Mistick Village shopping area and downtown Mystic’s retail and restaurant options.

Mystic’s master-planned development

Harbor Heights II will be part of Perkins Farm Campus, a $85 million master-planned community that’s also being developed by Lattizori. The major development will include a  nature preserve, walking trails, Hartford Healthcare’s new Ambulatory Care Center, the 50-unit luxury townhome community Perkins Reserve and a village green when fully built out.

As indicated by the community’s name, Harbor Heights II will be the second phase of Lattizori’s project. The first phase involved Harbor Heights, the neighboring sister property that was completed in August 2020. Dwight Capital also arranged the more than $32 million HUD 223(f) cash-out refinance for the community. Outside of Connecticut, Dwight Capital has more recently provided a $33 million HUD loan for a 361-unit community in Pullman, Wash. and a $45 million HUD loan for a 272-unit community in Fresno, Calif.

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