Dwight Mortgage Trust Refis Oregon Apartments With $59M Loan

Pacific Northwest developer Pahlisch Commercial has secured $58.8 million of bridge debt to refinance a newly built Oregon multifamily property, Commercial Observer has learned.

Dwight Mortgage Trust, the real estate investment trust affiliate of Dwight Capital, provided the bridge loan on Pahlisch’s 260-unit Solis at Petrosa property in Bend, Ore., according to a source with knowledge of the deal. Proceeds from the loan refinance the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. 

McBride Capital’s Kenneth McBride and Matthew McBride arranged the transaction.

Located on 10 acres at 63158 Deschutes Market Road, the apartment complex consists of eight three-story buildings and one four-story building. Its amenities include a pool, a lounge with a kitchen, a fitness center, a golf simulator room and a pet washing station. 

The Solis at Petrosa is three miles from the last remaining Blockbuster video store. It is also steps from the 159-acre Pine Nursery Park.

Dwight, Pahlisch Commercial and McBride Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com