Dwight Capital Supplies $27M HUD Loan to Refinance Oregon Rental Asset
New York City-based lender Dwight Capital has provided just under $27 million in U.S. Department of Housing and Urban Development (HUD)-backed financing to refinance an Oregon apartment complex, Commercial Observer has learned.
The HUD Section 223(a) 7 refi was provided to Springwater Crossing Apartments in Gresham, Ore. Springwater officials could not be immediately reached for comment.
Josh Sasouness, managing principal at Dwight, originated the transaction.
The 171-unit facility is located at 1132 NW Birdsdale Avenue with views of Mount Hood and Mount. St. Helens. Built in 2010, the property comprises 32 apartment buildings with amenities that include a resident lounge, fitness center and four playgrounds.
The suburban Portland community offers one-, two-, and three-bedroom apartments. Monthly rents for two-bedroom residences range from $1,477 to $2,209, and $1,734 to $2,200 for three-bedroom units, according to Apartments.com. Information on rents for the property’s one-bedroom apartments was not provided on the website.