Urban Development Group has landed a $48.2 million debt package to refinance a multifamily asset in Portland, Ore., Commercial Observer can first report.
Manhattan-based Dwight Capital‘s real estate investment trust affiliate provided a $19 million bridge loan for Urban’s Division Street Station project. Dwight also supplied a subsequent $29.2 million U.S. Housing and Urban Development 223(f) loan for the 126-unit apartment community to pay off the bridge loan, which refinanced existing bank debt.
Josh Sasouness, managing principal at Dwight, originated both transactions.
The HUD loan benefited from Green Mortgage Insurance Premium Reductions since the property is National Green Building Standard certified.
Located at 2595 SE 50th Avenue in Portland’s Richmond neighborhood, Division Street Station consists of an apartment building and a commercial space occupied by Green Zebra Grocery. Its amenities feature a community lounge, a roof deck and bicycle storage.
Officials at Dwight and Urban Development Group did not immediately return requests for comment.