May 3, 2019
Hunington Properties Inc., led by Sanford P. Aron, obtained a $32.2-million loan for construction of The Vic at Southwinds, a market-rate, 265-unit, green-certified project in Baytown, TX. The FHA-insured construction-to-perm loan was originated by Jason Stein of Greystone.
The financing for the property at 1900 Kilgore Pkwy. is a ground-up construction loan that converts to a 40-year, permanent, fixed-rate, non-recourse, fully amortizing loan after the development is completed and stabilized. As the project is green-certified and energy efficient, the borrower also qualifies for reduced Mortgage Insurance Premium.
Vic at Southwinds will offer one, two and three-bedroom units. On-site amenities will include a fitness center and indoor playground, clubhouse and pool, conference room and business center, beer garden, two dog parks, attached garages, and parking for boats and recreational vehicles. The first residents are expected to move in during the summer of 2020.
For comments, questions or concerns, please contact Amy Sorter