Dwight Capital Refis Oregon Apartments With $39M HUD Loan

Pacific Northwest developer Pahlisch Commercial has landed $39 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a newly built multifamily development in a suburb outside Portland, Ore., Commercial Observer has learned.

Dwight Capital closed the HUD 223(f) loan for the Timberview Apartments and Townhomes complex in Oregon City, Ore., that opened last year. Loan proceeds will be used to retire a $44 million bridge loan provided by Dwight Mortgage Trust in 2023 and establish a replacement reserve account for future improvements. 

McBride Capital’s Ken McBride and Matt McBride negotiated the financing.

Andrew Tichy, who originated the loan for Dwight, noted that the property is well positioned to attract families with its location across the street from Oregon City High School.

Located at 15150 Gifford Lane, 18 miles southeast of Downtown Portland, the property consists of 141 traditional apartments and 33 rental townhouses. Community amenities include a clubhouse, a swimming pool with sundeck, a fitness center,a lounge with fireplace, and a playground. 

“We were excited to secure long-term financing for this project we built,” Eric Myers, chief financial officer at Pahlisch Commercial, said in a statement. “We are looking forward to owning and operating this great property for years to come.”

McBride Capital did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.