Dwight Refis $24M Loan on Apartments in Vancouver, Wash.

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RRC Group has sealed a $23.6 million debt package to refinance a newly constructed multifamily asset near the Washington-Oregon border, Commercial Observer has learned.

Dwight Mortgage Trust, the affiliate real estate investment trust of Dwight Capital, supplied the loan on Prairie Home Apartments, a 120-unit property in Vancouver, Wash., about 18 miles north of Downtown Portland, Ore. Proceeds from the bridge loan will be used to retire existing construction debt. 

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McBride Capital’s Ken McBride and Matt McBride arranged the transaction.

Located at 12101 NE 116th Street, the 2023-built Prairie Home Apartments consists of five three-story residential buildings and one clubhouse on more than 5 acres. Its amenities include garages, a fitness center, a pool, a spa, a barbeque grill area, a dog wash station and a dog park.

RRC Group is a development company that features three partners including Richard Langdon, owner of Portland-based The Langdon Company

Langdon and Dwight officials did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com