Dwight Capital closed a $37.7MM HUD 221(d)(4) new construction loan for InterUrban Apartment Homes 2.0, a 216-unit proposed apartment community in Billings, MT. The property comprises six, three-story garden-style buildings and a one-story clubhouse on over 10 acres. Its amenities include a business center, dog park, fitness center, swimming pool and spa, picnic area with barbeque, and golf simulator. Unit amenities feature patios, state-of-the-art soundproofing, in-unit washer and dryers, and smart home packages, which include remote access to HVAC, lighting, and security.
InterUrban Apartment Homes 2.0 will be built following the National Green Building Standard (“NGBS”) Bronze guidelines, thus qualifying for a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points. Managing Director, Brandon Baksh, originated this transaction for Stock Development based out of Montana. Dwight also closed a $24.4MM HUD 223(a)(7) loan for the first phase of the property in April 2020.