Dwight Capital Refis Portland Apartment Property With $25M Loan

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Urban Development Group has nabbed $24.9 million of agency-backed debt to refinance a multifamily asset in Portland, Ore., Commercial Observer has learned.

Manhattan-based Dwight Capital provided the U.S. Department of Housing and Urban Development (HUD) 223(f) loan for the developer’s 146-unit property known as The Kathryn Ann. McBride Capital’s Ken McBride and Matt McBride arranged the transaction.

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Located at 2590 NW Upshur Street in Portland’s Northwest District neighborhood, The Kathryn Ann has an affordability component with 15 percent of the units designated for those making 80 percent or less of the median family income. Its amenities include community rooms, dog wash stations and indoor bike storage.

Dwight in concert with McBride Capital also originated a $15.16 million HUD 223(f) loan for another Portland apartment community owned by UDC called The Sellina, a 90-unit property on 1717 SE Tenino Street in the city’s Sellwood-Moreland neighborhood. 

Both loans received a green mortgage premium reduction set at 0.25 percent since the two properties qualify as green and energy-efficient housing, according to Dwight officials.

The deals mark the seventh and eighth HUD loans Dwight has closed on behalf of Urban Development Group. The lender supplied a $48 million debt package in August for the borrower to refinance its 126-unit Division Street Station project, also in Portland. 

Officials at Dwight and Urban Development Group did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com